Property Rights
According to Alchian (1973), property rights are determined based on the ability to establish the ownership of those resources. At times the rights of the property and enforcement of those property superseded those of human rights; therefore, this creates conflict. According to the author Alchian (2008) human rights enforce those property rights and this is were the conflict lies. The owner has the right to establish how those resources are being used and enforced. On the other hand, private property according to Alchian (2008) has three elements that are as follows; the ability to use the resource, provide adequate servcices to the resource and the ability to transfer the resource under a mutual agreement. However, the government via the courts has imposed limitations on private property, which according to many economists negatively impact the economy. The price control is determined by the general society regardless of a private ownership. Therefore, the price of property rights can override the individuals regardless of race, status, age and this often leads to discrimination hence, increases in prices. Moreover, since the government is the only party that benefits from the execution of private property. The author Alchian (2008) explains that more than one individual should enforce private rights in order to affect the market in a positive form. Therefore, equal amount of ownership is disbursed equally and the sharing of the profits is gained as a group such as a limited liability corporation. As oppose to private property being enforced by one owner whom could want to gain more profit from others by coercion or stealing which creates conflicts. According to Alchian (2008) private property rights should have a level of balance and humans should be able to enforce the use of goods, be protected and have the ability to transfer or exchange their rights. Hence, private property should not intervene or supersede with human rights since they are enforced human rights.

Armen A. Alchian. "Property Rights." The Concise Encyclopedia of Economics. 2008. Library of Economics and Liberty. Retrieved October 12, 2014 from the World Wide Web: http://www.econlib.org/library/Enc/PropertyRights.html

Law and Economics
According to Rubin (2008), the theory of law and economics differ from other types of legal procedures. This theory focuses on efficiency which is the right given to an individual whom can afford it and there are two types of efficiency positive theory and normative theory which should be efficient. Moreover, the idea of theory is that individuals are supposed to be responsible for their actions. Penalties will be imposed so individuals will deter from acting accordingly. The courts are responsible for establishing property law rights so that parties understand the roles, task and ownership rights which helps clarify assets. However, intellectual property has become highly important since is the idea of duplicating an invention. According to Rubin (2008), Contract law is the idea to allow counterparties establish their own written contract and the courts will ensure to enforce those agreeable terms including the prices imposed. On the other hand, not all agreements are effective and courts will impose a penalty and this is a form of violation of the positive theory. Tort law according to Rubin (2008) it the law that protects those from intentional and unintentional harm. However, the economic portion of the law focuses on negligence, which is failure to carry out your agreed terms and strict liability, which is to carry out agreeable terms efficiently without harming another party pay. According to Rubin (2008), Criminal law is punishable by incarceration and is enforced on a jurisdictional basis. The law is enforced by the state and the purpose of incarceration is that most criminals cannot afford to pay a penalty and severs as future deterrence. Hence, all of these forms of law play an important role in the law and economics if the laws are not carried out efficiently.
Paul H. Rubin. "Law and Economics." The Concise Encyclopedia of Economics. 2008. Library of Economics and Liberty. Retrieved October 12, 2014 from the World Wide Web: http://www.econlib.org/library/Enc/LawandEconomics.html

Free trade 1. Why should countries engage in international trade rather than remaining self-sufficient and avoiding the unfair competition of low-paid foreign workers?

According to Blinder (2008) countries should engage in international trade since the production of other countries help the American Labor. Regardless of cheaper labor and cost, the skills and expertise provided by other nations differ from those in America. All economies are comprised of many occupations rather than trading. Therefore, even though other individuals are paid a lower wage they are employed and help the economy of that specific country. However, there is no competition towards the United States since Americans are paid based on their experience, expertise and education that have a positive impact of the economy. Hence, international trade should be allowed since it will benefit all parties involved and it will benefit each country accordingly. 2. If our country can make everything better and cheaper than foreigners, why would we have any reason to be involved in international trade?

Americans should be involved in international trade according to Blinder (2008) even though they are willing to create better and cheaper products than foreigners. For the mere fact that creating quality products will increase the United States economy but will have a great impact on the other economies through out the world. This will lead to many obsolete jobs and individuals would become unemployed. Therefore, it is important for all countries to contribute to international free trading. Countries have different skills sets and are known for creating specialized products. For instance, if a country with low paid workers create cheaper products than the products can be sold at a higher price in the United States that will impact the American economy. On the other hand, if Americans are known for specializing in a product than other nations under international free trade will sell United States products and this will help our economy.

3. Should we “buy American” instead of outsourcing trade and jobs to foreigners?

According to Blinder (2008), Americans should outsource trade and jobs to foreigners since this will benefit the nations economy. If the United States did not outsource jobs than unemployment would increase throughout those countries and the economy will eventually decline. If jobs are outsourced than other nations are given employment and the economy will increase since they will benefit over the creation be sold internationally. The author Blinder (2008) states that outsourcing serves has an advantage to all of the economies and increase the employment rate. On the other hand, if Americans produced everything than the United States economy will remain constant while other economies nationwide fail and can led increase unemployment rate. Hence, outsourcing trade creates more international jobs that lead to an increased economy.

4. If we do engage in foreign trade, should we limit foreign trade to nations that engage in “fair trade” by giving us access to their domestic markets and reciprocal import tariff reductions that mirror our tariff reductions on our imports from them?

The United States should not limit foreign trade to nations that engage in fair-trading due to the fact that the American dollar will lose its value and become less competitive worldwide according to Blinder (2008). If Americans spend less on foreign products than others will not buy Americans products and this will the currency to increase worldwide and the economy will be impacted. Hence, foreign trading should not be restricted and allowed in order to improve all economies involved in international trading.
Alan S. Blinder. "Free Trade." The Concise Encyclopedia of Economics. 2008. Library of Economics and Liberty. Retrieved October 12, 2014 from the World Wide Web: http://www.econlib.org/library/Enc/FreeTrade.html