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An article of property may have physical and incorporeal parts.
A title, or a right of ownership, establishes the relation between the property and other persons, assuring the owner the right to dispose of the property as the owner sees fit.
Property that jointly belongs to more than one party may be possessed or controlled thereby in very similar or very distinct ways, whether simply or complexly, whether equally or unequally.
However, there is an expectation that each party's will (rather discretion) with regard to the property be clearly defined and unconditional, so as to distinguish ownership and easement from rent.
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The first, possession, can be defined as control over a resource based on the practical inability of another to contradict the ends of the possessor.From this has evolved the modern conception of property as a right enforced by positive law, in the expectation that this will produce more wealth and better standards of living.However, Smith also expressed a very critical view on the effects of property laws on inequality: "Wherever there is great property, there is great inequality … We will tell you what you need in a relationship, where you screwed up (without knowing it) in past relationships and a customized action plan to make your next relationship successful.Some find this a barrier to join, fans say it weeds out the casual chancer from those truly looking for love – and means you don’t have to wait to broach tricky topics.
According to Adam Smith, the expectation of profit from "improving one's stock of capital" rests on private property rights.