THE PHILOSOPHY OF PROPERTY RIGHTS

The philosophy of property rights serves to analyze of such things as possession and ownership. Property refers to rules governing access to and control of all kind of possessions (land, material resources, intellectual goods and services etc). The concept of property in economics is not the same as used in law. In economics, property simply means ownership. However, property as a legal term refers to the general framework and limits of ownership rights. The philosophy of property rights focus on discussions about the justification of property. The main discussion in the philosophy of property rights is whether “private property” is legitimate right or not. This short paper aims to explore the justification of property rights