Markets can function efficiently only when the private property rights are completely suspended and every resource in the economy is a commonly owned resource.

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Markets function efficiently when private property rights are legally recognized and enforced, allowing individuals and businesses to make decisions based on the value of the resources they own or control. Common ownership of resources can lead to problems such as the tragedy of the commons, where no individual has the incentive to take care of a commonly owned resource, leading to overuse and depletion.

Markets Can Function Efficiently Only When the Private Property Rights