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'''Physical property''' in [[law]], [[economics]], [[business]] and for [[tax]] purposes is an extension of, or store of, the produce of unconsumed labor. Private property, i.e. non-public or non-governmentally owned property, is a foundation of Anglo-American law, and central to [[capitalism]] and [[free enterprise]].
'''Physical property''' in [[law]], [[economics]], [[business]] and for [[tax]] purposes is an extension of, or store of, the produce of unconsumed labor. Private property, i.e. non-public or non-governmentally owned property, is a foundation of Anglo-American law, and central to [[capitalism]] and [[free enterprise]].
Property is, and the [[Supreme Court]] has held, an extension of a person's [[labor]]. The [[value]] of a [[person]]'s labor is stored up in property. Much labor is consumed in the process of labor, or disappears in the instant of its production. Property, other than land, is unconsumed labor stored up ("[[value added]]") in an improvement or vendible commodity. In the normal functioning of the economic system, the worker sells their labor, using the unconsumed produce of other people's labor ([[Marxist]]s call this "the means of production") for which they are paid and relinquish any future claims over the value added produce of their labor.
Property is, and the [[Supreme Court]] has held, an extension of a person's [[labor]]. The [[value]] of a [[person]]'s labor is stored up in property. Much labor is consumed in the process of labor, or disappears in the instant of its production. Property, other than land, is unconsumed labor stored up ("[[value added]]") in an improvement or vendible commodity. In the normal functioning of the economic system, the worker sells their labor, using the unconsumed produce of other people's labor ([[Marxist]]s call this "the means of production") for which they are paid in money and relinquish any future claims over the value added produce of their labor.
Property gain be acquired either through employment or inheritance.
Property gain be acquired either through employment or inheritance.