Lack of property rights occurs when individuals or groups do not have legal ownership or control over their assets, such as land or personal belongings. This situation can lead to uncertainty and insecurity, as people may fear losing their possessions without legal protection. Without clear property rights, investments in land or resources may decline, hindering economic growth. In societies with weak property rights, conflicts over resources can arise, leading to disputes and instability. This can discourage entrepreneurship and innovation, as individuals may be reluctant to invest time and money into ventures without assurance of ownership. Overall, the absence of property rights can stifle development and prosperity.