Economies with poorly defined property rights are often inefficient because

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Poorly defined property rights lead to individuals spending time and resources on protecting their resources, which results in inefficiency. This occurs because without clear property rights, there is uncertainty surrounding how resources can be used, leading to potential conflicts and disputes between individuals. As a result, individuals may spend more time and effort guarding their resources rather than using them productively.

Economies with Poorly Defined Property Rights Are Often Inefficient Because