LOS DERECHOS DE PROPIEDAD: UN ELEMENTO CENTRAL PARA EL DESARROLLO ECONÓMICO

The aim of this paper is to analyze the role of property rights on economic development. This be-gan theoretical construction of neo-institutionalism theories about institutions and their impact on human behavior. This definition lets set if the property rights can be considered as an institution, which exerts influence on the incentives of economic agents, and thus in the economic results of a nation. Finally, it is concluded that the conduct of agents and how they use the economic resources not only are affected by movements of goods and factors' prices, but by the structure of existing property rights within the institutional framework under which the productive relations occur. By this way, it recognizes the rights of property to generate incentives for the maximization of results and in general, for better economic performance.