Overview

“This is mine.” What does that mean? It means I can exclude you from it. Property is a “bundle of rights” (Right to use, right to sell, right to destroy).

Core Idea

Real Property vs. Personal Property:

  • Real Property: Land and buildings (Immovable).
  • Personal Property: Cars, computers, furniture (Movable).

Formal Definition (if applicable)

Adverse Possession: “Squatter’s Rights.” If you occupy someone’s land openly and continuously for a long time (e.g., 20 years), it becomes yours. (Encourages land use).

Intuition

  • Title: The piece of paper that says you own it.
  • Easement: The right to cross someone else’s land (e.g., a utility company running power lines).

Examples

  • Intellectual Property (IP): Owning ideas.
    • Copyright: Art/Books.
    • Patent: Inventions.
    • Trademark: Brands.
  • Eminent Domain: The government can take your land for public use (e.g., building a highway), but they must pay you “Just Compensation.”

Common Misconceptions

  • “I own the air above my house.” (Only up to a certain height. Planes can fly over).
  • “Finders Keepers.” (Actually, you have a duty to try to find the owner).
  • Zoning: Laws saying what you can build where (Residential vs. Commercial).
  • Trusts and Estates: Passing property after death.
  • Tragedy of the Commons: Property that no one owns gets destroyed (e.g., overfishing).

Applications

  • Housing: Buying a home is the biggest property transaction for most people.
  • Business: Protecting assets.

Criticism / Limitations

“Property is Theft” (Proudhon). Does private property create inequality?

Further Reading

  • Dukeminier, Property
  • De Soto, The Mystery of Capital