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It is a bundle of rights or permissions that govern or normalize the use, creation of destruction, and the benefits from a resource.
There are different forms of property:
- private property - under the total control of an agent. Private resources cannot, by definition, be captured by internal agents, and that is protected by a higher authority such as the state. They can be captured by external agents unless the agent controlling the resource is autonomous, see nondominium.
- public property
- shared property: susceptible to capture by agents both inside and outside the organization. Power over such resources is distributed and cannot be privatized.
- commons: also susceptible to capture and to collapse/failure (tragedy of the commons)
- nondominium: doesn't need the protection of the state or a powerful entity.