This  essay  shows  how  the  economics  of  property  rights  can  be  used  to  understand
fundamental features of property law and related extra-legal institutions.   It examines both the
rationale for legal doctrine and the effects of legal doctrine regarding the exercise, enforcement,
and transfer of rights.   It also examines various property rights regimes including open access,
private ownership, common property, and state property. Property law is understood as a system
of societal rules designed to create incentives for people to maintain and invest in assets, which
in turn leads to specialization and trade.