The document discusses the theory of property rights. It developed in the 1960s-1970s from the work of economists like Robert Coase. The theory views property rights as social norms governing access to scarce resources. It analyzes how clearly defined property rights encourage certain behaviors by establishing incentives. The theory also recognizes that no property rights can ever be fully defined and protected given the costs of doing so. It compares different systems of private, public, and state property ownership and finds none to have absolute advantages.