Theory of Property
Definitions
- property - A socially recognized relationship between a person (or group) and a scarce* entity regarding disposition and control. Also "property" is used to refer to the scarce entity in this relationship. "Owner" is used to refer to the person or group.
- private property - a property relationship characterized by private jurisdiction and homesteading, with no restrictions on who may own.
- sticky property - private property with ownership lasting (more or less) until consensual transfer.
- possession property (aka usufruct) - private property with ownership lasting (more or less) only while continuous use or occupation is maintained.
- collective property - a property relationship characterized by group, class, or caste jurisdiction, with limited power to transfer, and significant restrictions on who may own certain classes of goods, esp. capital goods aka "the means of production."
* “Scarce” is understood here to mean economically rivalrous.
