Property is any physical A physical property is any measurable property the value of which describes a physical system's state at any given moment in time. For that reason the changes in the physical properties of a system can be used to describe its transformations or intangible Intangible assets are defined as identifiable non-monetary assets that cannot be seen, touched or physically measured, which are created through time and/or effort and that are identifiable as a separate asset. There are two primary forms of intangibles - legal intangibles (such as trade secrets , copyrights, patents, trademarks, and goodwill) and entity An entity is something that has a distinct, separate existence, though it need not be a material existence. In particular, abstractions and legal fictions are usually regarded as entities. In general, there is also no presumption that an entity is animate. Entities are used in system developmental models that display communications and internal that is owned Ownership is the state or fact of exclusive rights and control over property, which may be an object, land/real estate or intellectual property. Ownership involves multiple rights, collectively referred to as title, which may be separated and held by different parties. The concept of ownership has existed for thousands of years and in all cultures by a person A person is any individual human being. The direct plural term is "persons." The term people is the general plural of "person," and is used to refer to person plurally in a range from 'a few persons' up to 'all people' (cf. humanism). "People" is often used to refer to an entire nation or ethnic group, and in this or jointly by a group of persons. Depending on the nature of the property, an owner of property has the right to consume Consumption is a common concept in economics, and gives rise to derived concepts such as consumer debt. Generally, consumption is defined by opposition to production. But the precise definition can vary because different schools of economists define production quite differently. According to some economists, only the final purchase of goods and, sell A sale is the pinnacle activity involved in the selling products or services in return for money or other compensation. It is an act of completion of a commercial activity.[not in citation given], rent Renting is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership from lawnmowers and washing machines to handbags and jewellry, mortgage, transfer In economics, a transfer payment is a redistribution of income in the market system. These payments are considered to be nonexhaustive because they do not directly absorb resources or create output. Examples of certain transfer payments include welfare (financial aid), social security, and government subsidies for certain businesses (firms), exchange Trade is the voluntary, often asymmetric, exchange of goods, services, or money. Trade is also called commerce or transaction. A mechanism that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and services. Later one side of the barter were the metals, precious metals , bill, paper money. Modern or destroy their property, and/or to exclude others from doing these things.^[1][2][3] Important widely recognized types of property include real property In common law, real property, realty, real estate, or immovable property is any land and the improvements to it made by human efforts—buildings, machinery, the acquisition of various property rights, and the like. Real property and personal property are the main classifications of property (land), personal property Personal property, roughly speaking, is private property that is moveable, as opposed to real property or real estate. In the common law systems personal property may also be called chattels or personalty. In the civil law systems personal property is often called movable property or movables - any property that can be moved from one location to (physical possessions belonging to a person), private property Private property is the right of persons and firms to obtain, own, control, employ, dispose of, and bequeath land, capital, and other property. Private property can take the form of real estate, homes, factories, automobiles, capital, patents and copyrights. It is distinguished from public property, which refers to assets owned by a state, (property owned by legal persons or business entities), public property Public property is property which is owned by the state, city, community or tribe. This is in contrast to private property, owned by a individual person or artificial entities that represent the financial interests of persons, such as corporations. State ownership, also called public ownership, government ownership or state property, are property (state owned or publicly owned and available possessions) and intellectual property Intellectual property is a term referring to a number of distinct types of creations of the mind for which property rights are recognised--and the corresponding fields of law. Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries (exclusive rights over artistic creations, inventions, etc.), although the latter is not always as widely recognized or enforced.^[4] A title Title is a legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or an equitable interest. The rights in the bundle may be separated and held by different parties. It may also refer to a formal document that serves as evidence of ownership. Conveyance of the document may be required in order to, or a right Rights are legal, social, or ethical principles of freedom or entitlement — i.e. rights are normative rules about what is allowed of people or owed to people, according to some legal system, social convention, or ethical theory. The concept of rights is often fundamental to civilized societies, and it is of vital importance in such disciplines of ownership Ownership is the state or fact of exclusive rights and control over property, which may be an object, land/real estate or intellectual property. Ownership involves multiple rights, collectively referred to as title, which may be separated and held by different parties. The concept of ownership has existed for thousands of years and in all cultures, establishes the relation between the property and other persons, assuring the owner the right to dispose of the property as they see fit. Some philosophers assert that property rights arise from social convention A convention is a set of agreed, stipulated or generally accepted standards, norms, social norms or criteria, often taking the form of a custom. Others find origins for them in morality Morality is a sense of behavioral conduct that differentiates intentions, decisions, and actions between those that are good (or right) and bad (or wrong). A moral code is a system of morality (for example, according to a particular philosophy, religion, culture, etc.) and a moral is any one practice or teaching within a moral code. Immorality is or natural law Natural law or the law of nature has been described as a law whose content is set by nature and that therefore has validity everywhere. As classically used, natural law refers to the use of reason to analyze human nature and deduce binding rules of moral behavior. The phrase natural law is opposed to the positive law (meaning "man-made law&.

Use of the term

Various scholarly disciplines (such as law Law is a system of rules, usually enforced through a set of institutions. Laws can shape or reflect politics, economics and society in numerous ways and serves as a primary social mediator of relations between people, economics Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)". Current economic, anthropology Anthropology is the study of humanity. Anthropology has origins in the natural sciences, the humanities, and the social sciences. The term "anthropology", pronounced /ænθrɵˈpɒlədʒi/, is from the Greek anthrōpos , "human", and -logia (-λογία), "discourse" or "study", and was first used by Franç or sociology Sociology is the study of society. It is a social science—a term with which it is sometimes synonymous—that uses various methods of empirical investigation and critical analysis to develop and refine a body of knowledge about human social activity, often with the goal of applying such knowledge to the pursuit of social welfare. Subject matter) may treat the concept more systematically, but definitions vary within and between fields. Scholars in the social sciences frequently conceive of property as a bundle of rights The bundle of rights is a common way to explain the complexities of property ownership. Teachers often use this concept as a way to organize confusing and sometimes contradictory data about real estate. They stress that property is not a relationship between people and things, but a relationship between people with regard to things.

Property is usually thought of as being defined and protected by the local sovereignty Sovereignty is the quality of having supreme, independent authority over a territory. It can be found in a power to rule and make law that rests on a political fact for which no purely legal explanation can be provided. The concept has been discussed, debated and questioned throughout history, from the time of the Romans through to the present day,. Ownership, however, does not necessarily equate with sovereignty. If ownership gave supreme authority, it would be sovereignty Sovereignty is the quality of having supreme, independent authority over a territory. It can be found in a power to rule and make law that rests on a political fact for which no purely legal explanation can be provided. The concept has been discussed, debated and questioned throughout history, from the time of the Romans through to the present day,, not ownership. These are two different concepts.

Public property Public property is property which is owned by the state, city, community or tribe. This is in contrast to private property, owned by a individual person or artificial entities that represent the financial interests of persons, such as corporations. State ownership, also called public ownership, government ownership or state property, are property is any property that is controlled by a state or by a whole community. Private property Private property is the right of persons and firms to obtain, own, control, employ, dispose of, and bequeath land, capital, and other property. Private property can take the form of real estate, homes, factories, automobiles, capital, patents and copyrights. It is distinguished from public property, which refers to assets owned by a state, is any property that is not public property. Private property may be under the control of a single person or by a group of persons jointly.^[5]

General characteristics

Modern property rights are based on conceptions of ownership and possession as belonging to legal persons, even if the legal person is not a natural person. In most countries, corporations, for example, have legal rights similar to those of citizens. Therefore, the corporation is a juristic person The term legal person is a concept in philosophy of law topics wherein an entity is regarded by law to be like a person with such status being granted legal rights to protections and/or privileges under law. It is a term found in business-corporate law and animal rights law contexts, wherein corporations are regarded as highly productive human or artificial legal entity, under a concept that some refer to as "corporate personhood".

Property rights are protected in the current laws of most states, usually in their constitution A constitution is a set of laws that a set of people have made and agreed upon for government—often codified as a written document—that enumerates and limits the powers and functions of a political entity. These rules together make up, i.e. constitute, what the entity is. In the case of countries and autonomous regions of federal countries the or in a bill of rights A bill of rights is a list of the most important rights of the citizens of a country. The purpose of these bills is to protect those rights against infringement by the government. The term "bill of rights" originates from England, where it referred to the Bill of Rights 1689. Bills of rights may be entrenched or unentrenched. An. Protection is also prescribed in the United Nations' Universal Declaration of Human Rights The Universal Declaration of Human Rights is a declaration adopted by the United Nations General Assembly on December 10, 1948 at the Palais de Chaillot in Paris. The Declaration has been translated into at least 375 languages and dialects, making it the most widely translated document in the world. The Declaration arose directly from the, Article 17, and in the European Convention on Human Rights The European Convention on Human Rights (long title: Convention for the Protection of Human Rights and Fundamental Freedoms) is an international treaty to protect human rights and fundamental freedoms in Europe. Drafted in 1950 by the then newly formed Council of Europe, the convention entered into force on 3 September 1953. All Council of Europe (ECHR), Protocol 1.

Traditional principles of property rights include:

1. control Social control includes social mechanisms that regulate individual and group behavior, leading to conformity and compliances to the rules of a given society or social group. Many mechanisms of social control are cross-cultural, if only in the control mechanisms used to prevent the establishment of chaos or anomie. Some theorists, such as Emile of the use of the property
2. the right to any benefit from the property (examples: mining rights Ownership of mineral rights is an estate in real property. It is the right of the owner to exploit, mine, and/or produce any or all of the minerals lying below the surface of the property. The five elements of a mineral interest are: and rent Economic rent is typically defined by economists as an excess distribution to any factor in a production process above the amount required to draw the factor into the process or to sustain the current use of the factor)
3. a right to transfer or sell the property
4. a right to exclude In Anglo-Saxon law, an exclusive right is a de facto, non-tangible prerogative existing in law to perform an action or acquire a benefit and to permit or deny others the right to perform the same action or to acquire the same benefit. Which is a "prerogative" is in effect an exclusive right, the term is restricted for use for official others from the property.

Traditional property rights do not include:

1. uses that unreasonably interfere with the property rights of another private party (the right of quiet enjoyment) [See Nuisance Nuisance is a common law tort. It means that which causes offence, annoyance, trouble or injury. A nuisance can be either public (also "common") or private. A public nuisance was defined by English scholar Sir J. F. Stephen as,]
2. uses that unreasonably interfere with public property rights, including uses that interfere with public health, safety, peace or convenience. [See Public Nuisance, Police Power Police power is the capacity of a state to regulate behaviors and enforce order within its territory, often framed in terms of general welfare, morals, health, and safety]

Not every person A person is any individual human being. The direct plural term is "persons." The term people is the general plural of "person," and is used to refer to person plurally in a range from 'a few persons' up to 'all people' (cf. humanism). "People" is often used to refer to an entire nation or ethnic group, and in this or entity An entity is something that has a distinct, separate existence, though it need not be a material existence. In particular, abstractions and legal fictions are usually regarded as entities. In general, there is also no presumption that an entity is animate. Entities are used in system developmental models that display communications and internal with an interest in a given piece of property may be able to exercise all possible property rights. For example, as a lessee A lease is a contract calling for the lessee to pay the lessor (owner) for use of an asset. A rental agreement is a lease in which the asset is tangible property. Leases for intangible property could include use of a computer program (similar to a license, but with different provisions), or use of a radio frequency (such as a contract with a cell- of a particular piece of property, you may not sell the property, because a tenant is only in possession and does not have title to transfer. Similarly, while you are a lessee, the owner Ownership is the state or fact of exclusive rights and control over property, which may be an object, land/real estate or intellectual property. Ownership involves multiple rights, collectively referred to as title, which may be separated and held by different parties. The concept of ownership has existed for thousands of years and in all cultures cannot use their right Rights are legal, social, or ethical principles of freedom or entitlement — i.e. rights are normative rules about what is allowed of people or owed to people, according to some legal system, social convention, or ethical theory. The concept of rights is often fundamental to civilized societies, and it is of vital importance in such disciplines to exclude to keep you from the property, or, if they do, you may be entitled to stop paying rent or sue for access.

Further, property may be held in a number of forms, such as through joint ownership, community property Community property is a marital property regime that originated in civil law jurisdictions and is now also found in some common law jurisdictions. The states of the United States that recognize community property are primarily in the West and acquired this body of law from the law of Mexico, which was derived from Spanish law and ultimately from, sole ownership or lease A lease is a contract calling for the lessee to pay the lessor (owner) for use of an asset. A rental agreement is a lease in which the asset is tangible property. Leases for intangible property could include use of a computer program (similar to a license, but with different provisions), or use of a radio frequency (such as a contract with a cell-. These different types of ownership may complicate an owner's ability to exercise property rights unilaterally. For example, if two people own a single piece of land as joint tenants then, depending on the law in the jurisdiction Jurisdiction is the practical authority granted to a formally constituted legal body or to a political leader to deal with and make pronouncements on legal matters and, by implication, to administer justice within a defined area of responsibility. The term is also used to denote the geographical area or subject-matter to which such authority, each may have limited recourse for the actions of the other. For example, one of the owners might sell their interest Interest is a fee paid on borrowed assets. It is the price paid for the use of borrowed money, or, money earned by deposited funds. Assets that are sometimes lent with interest include money, shares, consumer goods through hire purchase, major assets such as aircraft, and even entire factories in finance lease arrangements. The interest is in the property to a stranger whom the other owner does not particularly like.

Legal systems have evolved to cover transactions and disputes that arise over the possession, use, transfer, and disposal of property, most particularly involving contracts. Positive law defines such rights, and the judiciary is used to adjudicate and to enforce property rights.

According to Adam Smith, the expectation of profit from "improving one's stock of capital" rests on private property rights. It is an assumption central to capitalism that property rights encourage their holders to develop the property, generate wealth, and efficiently allocate resources based on the operation of markets. From this has evolved the modern conception of property as a right enforced by positive law, in the expectation that this will produce more wealth and better standards of living.

In his text The Common Law, Oliver Wendell Holmes describes property as having two fundamental aspects. The first is possession, which can be defined as control over a resource based on the practical inability of another to contradict the ends of the possessor. The second is title, which is the expectation that others will recognize rights to control resource, even when it is not in possession. He elaborates the differences between these two concepts, and proposes a history of how they came to be attached to persons, as opposed to families or entities such as the church.

• Classical liberals, Objectivists, and related traditions

Most thinkers from these traditions subscribe to the labor theory of property. They hold that you own your own life, and it follows that you must own the products of that life, and that those products can be traded in free exchange with others.

"Every man has a property in his own person. This nobody has a right to, but himself." (John Locke, Second Treatise on Civil Government)

"The reason why men enter into society is the preservation of their property." (John Locke, Second Treatise on Civil Government)

"Life, liberty, and property do not exist because men have made laws. On the contrary, it was the fact that life, liberty, and property existed beforehand that caused men to make laws in the first place." (Frédéric Bastiat, The Law)

• Socialism's fundamental principles are centered on a critique of this concept, stating, among other things, that the cost of defending property is higher than the returns from private property ownership, and that, even when property rights encourage their holders to develop their property or generate wealth, they do so only for their own benefit, which may not coincide with benefit to other people or to society at large.

• Libertarian socialism generally accepts property rights, but with a short abandonment period. In other words, a person must make (more or less) continuous use of the item or else lose ownership rights. This is usually referred to as "possession property" or "usufruct". Thus, in this usufruct system, absentee ownership is illegitimate and workers own the machines or other equipment that they work with.

• Communism argues that only collective ownership of the means of production through a polity (though not necessarily a state) will assure the minimization of unequal or unjust outcomes and the maximization of benefits, and that therefore private property (which in communist theory is limited to capital) should be abolished.

Both communism and some kinds of socialism have also upheld the notion that private property is inherently illegitimate. This argument centers mainly on the idea that creation of private property always benefits one class over another, giving rise to domination through the use of this private property. Communists are not opposed to personal property that is "hard-won, self-acquired, self-earned" (Communist Manifesto) by members of the proletariat.

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