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Private Property Rights

"A property right is the exclusive authority to determine how a resource is used, whether that resource is owned by government or by individuals.... Private property rights have two other attributes in addition to determining the use of a resource. One is the exclusive right to the services of the resource.... Finally, a private property right includes the right to delegate, rent, or sell any portion of the rights by exchange or gift at whatever price the owner determines (provided someone is willing to pay that price)."

from Property Rights by Armen A. Alchian at http://www.econlib.org/library/Enc/PropertyRights.html




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