What are Property Rights?

Most people understand property to be a physical item. The definition of property, however, is far broader than something that you can see or hold in your hand. Property is, more precisely, an individuals rights with regard to something in existence. Property includes all of the commonly understood rights associated with physical or intangible things, such as: the right of possession (to the exclusion of others), the right of use, the right to sell or transfer, or the right to destroy.

• Example: The writer of a book can hold the book in her hands. The book is a form of property. The owner of the copyright possesses the exclusive right to sell or license those rights to third parties for use or production. She also has the ability to prevent others from copying, selling, or licensing that book. The copyright extends far beyond the physical book to include the content within the work. In this sense, it is more of a right to something that has been created, rather than the possession of a physical asset.

Related Concepts

• Understanding Law
• What is "Law"?
• Economic Strength of a Nation?
• Capitalism vs Communism
• What is the "Rule of Law"?
• What is "property law" or "property rights?
• What is "ownership"?
• Why recognize property rights?
• How the law protects property rights?
• What are the "common law" and "civil law" systems?
• What is "public law" and "private law"?
• What is "civil law" and "criminal law"?
• What is "substantive law" and "procedural law"?
• Sources of state and federal law?
• United States Code of Laws
• Role of Judiciary in the legal system?
• Business activity and legal entities?