Final answer:
Private property cannot be taken for public use without just compensation according to the Takings Clause of the Fifth Amendment. Eminent domain allows the government to acquire private land for public goods, provided fair payment is made to the property owner. Well-defined property rights are essential for resolving disputes involving property usage and responsibility.
Step-by-step explanation:
Under the principle of eminent domain as outlined by the Takings Clause of the Fifth Amendment to the United States Constitution, private property cannot be taken by the government for public use without offering the owner just compensation. This ensures that when the government requires land for the public good, such as building a school or new road, the owner is paid a fair price for their property. In circumstances where private property rights and public necessities conflict, the courts are often the arena where these disputes are settled. Furthermore, without well-defined property rights as underscored by the economist Ronald Coase, there can be continuous disputes which disrupt efficiency, making property rights essential for resolving conflicts and determining responsibilities.