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Sometimes in economics, property types are simply described as private or public/common in reference to private goods (excludable and rivalrous goods like a phone), [9] as well as public goods (non-excludable and non-rivalrous goods, like air), [10] respectively. [11]
Although laissez-faire has been commonly associated with capitalism, there is a similar economic theory associated with socialism called left-wing or socialist laissez-faire, also known as free-market anarchism, free-market anti-capitalism and free-market socialism to distinguish it from laissez-faire capitalism.
Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare .
The sum of the marginal benefits represent the aggregate willingness to pay or aggregate demand. The marginal cost is, under competitive market conditions, the supply for public goods. Hence the Samuelson condition can be thought of as a generalization of supply and demand concepts from private to public goods.
The economic mechanism involves a free market and the predominance of privately owned enterprises in the economy, but public provision of universal welfare services aimed at enhancing individual autonomy and maximizing equality. Examples of contemporary welfare capitalism include the Nordic model of capitalism predominant in Northern Europe. [14]
Private property is foundational to capitalism, an economic system based on the private ownership of the means of production and their operation for profit. [4] As a legal concept, private property is defined and enforced by a country's political system .
In economic theory, privatization has been studied in the field of contract theory. When contracts are complete, institutions such as (private or public) property are difficult to explain, since every desired incentive structure can be achieved with sufficiently complex contractual arrangements, regardless of the institutional structure.
Privatism is a generic term generally describing any belief that people have a right to the private ownership of certain things. According to different perspectives, it describes also the attitude of people to be concerned only about ideas or facts that affect them as individuals.