Property rights are constructs in economics for determining how a resource or economic good is used and owned. This idea of ownership must be constrained from the views of absolute ownership to a right to use the good within its expected scope of use. Ownership goes beyond the basic notions of property rights to this idea of viewing the ability to own as one of the most basic human rights. Resources can be owned by (and hence be the property of) individuals, associations, collectives, or governments. Property rights can be viewed as an attribute of an economic good. This attribute has four broad components and is often referred to as a bundle of rights: 1.
* the right to use the good 2.
* the right to earn income from the good 3.
* the right to transfer the good to others, alter it, abandon it, or destroy it (the right to ownership cessation) 4.
* the right to enforce property rights The bundle theory of rights has been refuted for several reasons. First, the idea of bundling assumes formerly independent things, which is not the case with property rights. Second, it adds this finite nature to what can be encompassed within property rights, mitigating the growing complexity within the school of thought. In economics, property is usually considered to be ownership (rights to the proceeds generated by the property) and control over a resource or good. Many economists effectively argue that property rights need to be fixed and need to portray the relationships among other parties in order to be more effective.