To promote growth in living standards, policymakers must : Property rights and maintain political stability.
What is property right?
Property right is the access granted to someone to have legal and intellectual ownership of assets and resources. This gives the owner full benefit of enjoying the properties.
Property rights are essential because it gives the owners of their property full control over its use, hence promote growth in living standards.
Hence, policymakers must property rights and maintain political stability in order to promote growth in living standards.
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