Jim Whitney Economics 495

Property rights
The "Blackstonian" bundle of land rights

  1. ownership by a single individual

  2. in perpuity

  3. of a territory demarcated horizontally by boundaries drawn upon the land, and extending from there vertically downward to the depths of the earth and upward to the heavens

  4. with absolute rights to exclude would-be entrants,

  5. with absolute privileges to use and abuse the land, and

  6. with absolute powers to transfer the whole (or any part carved out by use, space, or time) by sale, gift, descent, or otherwise.