Question

A property owner has the right to tell other people that they cannot trespass on their property. What is this right called?

Answer 1

The right to tell others not to trespass on one's property is known as the right to exclude, a central element of property rights. These rights include the legal rights of ownership and the ability to enter into contracts concerning the property.

Step-by-step explanation:

The right of a property owner to tell other people they cannot trespass on their property is commonly referred to as the right to exclude. This is one of the fundamental aspects of property rights, which are the legal rights of ownership. Property rights include the capability of the owning individual or entity to enter into contracts relating to the property, to use it as they see fit within the limits of the law, and to ensure others cannot infringe upon these rights without their permission, or potentially without paying compensation.

The concept described by economist Ronald Coase highlights the importance of clearly defined property rights to prevent disputes and inefficiencies, suggesting that well-defined property rights lead to better outcomes in case of property issues.