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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