One of the most fundamental requirements of a capitalist economic system - and one of the most misunderstood concepts - is a robust system of property rights. A property right is the exclusive authority to determine how a resource is used, whether that resource is owned by the government or individuals. Of course, private property rights are at the origin of the institution of commerce. If people exchange goods and services, if they sell them, if they produce them, if they accumulate them, if they store them, then they must have some level of jurisdiction over them. (Encyclopedia of Philosophy) For example, the owner of an apartment with all ownership rights to the apartment has the right to determine whether to rent it and, if so, to which tenant to rent it; live there himself; or use it in any other peaceful manner. It is the right to determine usage. If the owner rents the apartment, he or she is also entitled to all rental income from the property. This is the right to resource services (rent). Additionally, the property owner is allowed to determine the price at which they will sell their land, provided that someone is willing to pay the asking price. (Alchian) Furthermore, private property rights provide the baseline for evaluating individual activity because they enable such action to occur. However, in some cases, individuals must act to preserve the well-being of their assets. For example, in 1996, John and Joesephine Bronczyk wanted the state of Minnesota to prohibit strangers from walking on their property, property located next to wetlands perceived as "public waters." The Bronczyks argued that either the state should exclude all outsiders or they should receive fair compensation for the use of their land...... middle of paper ......plato.stanford.edu /entries/hobbes-moral /#EstSovAut>.6. Machan, Tibor. "Internet Encyclopedia of Philosophy." Right to private property [].Np, nd Web. April 29, 2014. .7. Marlowe, Ann. "'Civilization and Its Enemies' by Lee Harris." Saloncom RSS.Salon, nd Web. April 20, 2014. .8. Meinzen-Dick, Ruth and Monica Di Gregorio. COLLECTIVE ACTION AND PROPERTY RIGHTS FOR SUSTAINABLE DEVELOPMENT. Washington DC: International Food Policy Research Institute, 2004. Web.9 Powell, Jim. “John Locke: Natural Rights to Life, Liberty and Property. " The Freeman: Foundation for Economic Education. FEE, August 1, 1996. Web. April 21, 2014. .10. Scott, Jim. See Like a State. New Haven: , 1998. Print.