Property designates those things commonly recognized as the entities in respect of which a person or group has exclusive rights. Important types of property include
real property (land),
personal property (other physical possessions), and
intellectual property (rights over artistic creations, inventions, etc.). A
right of
ownership is associated with property that establishes the good as being "one's own thing" in relation to other individuals or groups, assuring the owner the right to dispense with the property in a manner he or she sees fit, whether to use or not use, exclude others from using, or to transfer ownership. Some philosophers assert that property rights arise from
social convention. Others find origins for them in
morality or
natural law.
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Rights of individuals and companies to own and utilize property as they see fit and to receive the stream of income that their property generates.
A property right is the exclusive authority to determine how and by whom a particular resource is used. More broadly, property rights may be seen as a bundle of separate and distinct rights over a particular good -- including at least the right of personal use, the right to demand compensation as a prerequisite for its use by other people, and the right to transfer any or all of these rights to others (either permanently by sale or temporarily through some form of contractual arrangement). Property rights may be exercised by governments through their designated officials (public ownership or public property) as well as by private individuals and other sorts of non-governmental organizations (private property). [See also:
private property rights,
contract,
market]
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