Property
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It is a bundle of rights or permissions and obligations that govern or normalize the use, creation of destruction, and the benefits from a resource.
As Jeremy Bentham pointed out, property is not an object or thing, but a relationship: the bundle of rights and obligations which connect the subject individual to an object, such as land (real property) or increasingly, knowledge (intellectual property). While there are many types of rights and obligations, this proposal identifies four key classes of stakeholder rights:
- Use – exclusive or otherwise
- Usufruct – the fruits of use
- Management
- Custody – stewardship.
Various 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.
Praxix
Within the Sensorica OVN affiliates distinguish between commons, reserved for shared immaterial assets, see Pool of shareables.