A few marks on a piece of paper

Remarkable. From Titling of Property by Alex Tabarrok.

I often mention unintended consequences arising from government policies as an example of poor decision-making, in the sense that actions were taken without really understanding the causative dynamics. That said, not all unintended consequences are negative consequences as illustrated in this video from MRUniversity on Property Rights and Titling.

Titling is a pretty critical issue in economic development and has attracted increasing attention in the past thirty years. Watch the video for a good explanation of the issues associated with an absence of property records establishing who owns what.

The discussion of results of improved titling begins at the 3:30 mark. What struck me was the unanticipated benefit on labor force participation. "Labor supply increased 21% in households whose property had been titled." Simplistically, the simple act of registering ownership of property could increase the productivity of a nation by a fifth. That's a great return for what are fundamentally a few marks on a piece of paper.