Why Is There Ownership of Property?

Simply put, it creates the incentive structure necessary to maximize individual and collective productivity.

This topic is discussed further below.

Why Have Property Rights?

There are numerous theories regarding the reason or justification for the legal system recognizing property ownership rights.

Some theories adopt a pessimistic view of human nature and the intentions of those to exclude others from their resources.

Other less cynical theories attribute ownership rights with incentivizing individuals to undertake activities that benefit society at large. That is, ownership of property incentivizes individuals to increase productivity and create new resources, which ultimately benefits society.