rights of those
inside the circle of ownership differ. For example, the rights of one
shareholder against another, or the rights of one member of a family
as against another, are not the same as the rights against outsiders.
Private property is the characteristic feature of our present
industrial society, but it exists side by side with public property
and with many intermediate grades between private and common property.

Tho property meant originally and essentially the intangible right to
a thing, the word came to be applied also to the object of the right.
This is done both in common speech and in judicial decisions, with
inevitable ambiguity. This may be readily seen by trying to substitute
the word ownership for property, a thing quite simple in some cases
but impossible in others. One would not point to a house and say,
"This is my ownership," but either, "This is my property," or "I
exercise ownership over it." It is well recognized that a man may have
a property right in this abstract sense in or over his own services,
as to practise a trade or in the "good will" of a business or in
an intangible patent or a copyright, quite as well as in a material
object.

Sec. 3. #Relation of wealth, property, and capital#. A failure to see
this distinction and to keep it clearly in mind has led to confusion,
even on the part of legislatures, learned judges, and able economists.
If property is said to be (for example) a house and lot and at
the same time the right to that house and lot, then there are two
properties at once for each economic good, viz.: the object itself and
the right to it.[3]

This difficulty could be avoided by the consistent definition and use
of terms. A material economic object is a good, is a form of wealth.
The usance of wealth and the service of laborers at the moment
rendered constitute forms of income. The right of ownership, i.e., the
right to control, use, or direct the use of wealth and services, is
property, which is therefore the right to receive incomes. The value
of the incomes of an individual constitute his capital. Goods, rights
to goods, value of rights to goods: these three things are clearly
distinguishable.

Sec. 4. #Some theories of private property#. Various theories have been
framed to explain the origin and to justify the existence of private
property. The occupation theory is that property is based upon
the priority of claim of one who finds wealth without an owner and
app