Property

A property is a scarce resource.

Creation of property

It is often assumed that property is created whenever labor yields a result, tangible or intangible. A possible reason why this assumption is made is because an important distinction is ignored: the distinction between the creation of property and the method of determining who owns what is already considered to be property. Most libertarians would argue that the first person to "mix their labor" with previously unowned or presently abandoned property is indeed its rightful owner, but this says nothing about how property is created, only how it is acquired.

"Why are tangible goods property? A little reflection will show that it is these goods’ scarcity—the fact that there can be conflict over these goods by multiple human actors. The very possibility of conflict over a resource renders it scarce, giving rise to the need for ethical rules to govern its use. Thus, the fundamental social and ethical function of property rights is to prevent interpersonal conflict over scarce resources."