Private property
Private owners have an incentive to lower the chance that their property will cause damage to the property of others. Private ownership links responsibility with the right of control. Private owners can be held accountable for damage done to others through the misuse of their property. A car owner has a right to drive his car, but will be held accountable if the brakes aren’t maintained and the car damages someone else’s property. Similarly, a chemical company has control over its products, but, exactly for that reason, it is legally liable for damages if it mishandles the chemicals. Courts of law recognize and enforce the authority granted by ownership, but they also enforce the responsibility that goes with that authority. Because private-property owners can be held accountable for damages they cause, they have an incentive to use their property responsibly and take steps to reduce the likelihood of harm to others. A property owner, for example, has an incentive to cut down a dying tree before it falls into a neighbor’s house and to leash or restrain his or her dog if it’s likely to bite others.
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