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why does a nation's standard of living depend on property rights?

why does a nation's standard of living depend on property rights?

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Property rights are essential from the point of view of the standard of living. From the historical and the present experience it can be observed that the developed and the wealthy nations have a legally enforced and vibrant property rights in the domain of copyright to trademark to Intellectual Propert Rights. Property rights promotes innovation, and values individual efforts by providing them incentives so that they can profit from investment in both physical and human capital. This investment produces higher rates of growth, which eventually yield much higher living standards. It also ensures citizen from staying away from the fear of illegal confiscation of property by the govenment,

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