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Recommended: Introduction for eminent domain essay

1. Explain how the US Constitution both protects and restricts property rights.

The US Constitution discusses property rights mainly in the Fifth Amendment. It does this through the Fifth Amendment’s Takings and Just Compensation Clause. Two important issues are policy power which is the power of government to secure rights, and eminent domain which is the power to take property for public use in exchange for payment of just compensation.
There are two ways that government takes property. The first is by condemning the property and taking the title. However, more often than not the property is really being taken for a private use rather than public. The second is in regulatory takings, the owner is almost always inadequately to never compensated for his/her losses but the Supreme Court is working on requiring just compensation for certain cases.
Property is a right that we have as Americans. It is of the same importance level as freedom because government should not be able to take your freedom away just like they should not be allowed to take your property for no reason. The US constitution protects property rights by using eminent domain. The use of eminent domain means that the government cannot take away your property for public use without just compensation. This protects people’s assets against the government and lets Americans keep their independence and piece of mind.
The US Constitution restricts property rights when

2. What is the justification for governmental involvement in the redistribution of income and what problems does that create?

Most people believe that the responsibility of the government is to redistribute income from the wealthy to the impoverished and to those who are at a disadvantage in th...

... middle of paper ...

...ticipating in rent seeking.
The activity taken in the market can be ethical or unethical. Individuals in the stock market that deal in rent seeking are practicing unethical behavior because they are making money off of companies while they are hurting the society as a whole. Our government is screwed up and if the political-economic structure was rebuilt according to Finbarrian guidelines, the financial sector would be under 5% of GDP, rather than approaching 20% of GDP.
Some believe that rent seeking can actually be a part of the solution instead of the main problem. Rent seeking can actually help in some circumstances.

Works Cited

Marotta, David John. "What Is Rent-Seeking Behavior?" Forbes. Forbes Magazine, 24 Feb. 2013. Web. 09 Mar. 2014

Dwight R. Lee. "Redistribution of Income." The Concise Encyclopedia of Economics. N.p., n.d. Web. 10 Mar. 2014.

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