The article “Takings/Private Property Rights,” by Rajagopal and Oesterberg (2021), highlights those exclusive rights to a resource’s services and exclusive rights to choose how a resource is utilized are two of the most important characteristics of private property. The article argues that the right to exchange the item at a mutually agreeable price demonstrates the features of private property ownership of the resource. Additionally, as private property rights emerge more widely recognized, the significance of market exchange values increases.
Price changes in the real estate market in a private property system reflect the tastes and requirements of the general public. Regardless of who owns the resource, the use of the resource is influenced by what the rest of the public believes to be the most valuable utilization (Rajagopal & Oesterberg, 2021). Because if an owner chooses a different use, they must sacrifice the highest-valued use that others would pay as a result of their decision. Therefore, even though the property is believed to be private, the judgments are influenced by social attitudes, the public interest, and evaluation. Individuals’ ability to struggle for resource control is significantly influenced by the number and extent of their private property rights. Additionally, because their influence on the price may be reduced by adjusting the price of a resource, people competing for a resource’s personal status and personal characteristics are less significant.
In relation to chapter four, the article highlights that it is not necessary for a single individual to hold all of the private property rights to an asset. Their worth can be shared, with each individual contributing a specific proportion of the market value (Nelson, 2006). Then, the decisions about how to use them are made according to whatever method the sharing group deems acceptable. In addition, certain behaviors may be seen as invasions of privacy, torts, or trespass, depending on the facts and circumstances of the situation.
References
Nelson, B. (2006). Law and ethics in global business integrating corporate governance into business decisions. Chapter 4. Routledge.
Rajagopal, R. & Oesterberg, D. (2021). Takings/Private Property Rights. Geography Publications. Web.