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The buyer of an apple, a CD, a television set, or an automobile generally takes the item home. The buyer of a steamship or an office building, though, may never touch it. When exchange occurs, it’s really th the item that change hands.
(1) the right to exclusive use of the property (that is, the owner has sole possession, control, and use of the property-including the right to exclude others);
(2) legal protection against invasion from other individuals who would seek to use or abuse the property without the owner’s permission; and
(3) the right to transfer, sell, exchange, or mortgage the property.
Private owners can do anything they want with their property as long as they do not use it in a manner that invades or infringes on the rights of another. For example, I cannot throw the hammer that I own through the television set that you own. If I did, I would be violating your property right to your television. The same is true if I operate a factory spewing out pollution harming you or your land.5 Because an owner has the right to control the use of property, the owner also must accept responsibility for the outcomes of that control.
In contrast to private ownership, common-property ownership occurs when multiple people simultaneously have or claim ownership rights to a good or resource. None of the common owners can prevent the others from using or damaging the property. Most beaches, lakes, and parks are examples of commonly owned property. The distinction between private- and common-property ownership is important because common ownership does not create the same powerful incentives as private ownership. Economists are fond of saying that when everybody owns something, nobody owns it.
Clearly defined and enforced private-property rights are a key to economic proe Ores because of the powerful incentive effects that follow from private ownership of goods and resources.