property.
What is owned. Property in general is defined by a system of rules that assigns to persons rights over things, where the things capable of being owned can range from a person and his or her labour to land, natural resources, and what is produced by labour from land and natural resources. The rules of property defining rights of owners and duties owed to owners may be moral, legal, or both. Specific forms of property differ from each other depending on the rights and duties which the rules confer, how the rights or duties are acquired, and the kinds of things which are capable of being owned. Thus, all specific forms of property rules must perform two essential functions: to assign rights to persons (natural or artificial), and to prescribe mechanisms for the acquisition, transfer, and alienation of those rights.... ...
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