Quote:
Originally Posted by gmw
How about a block of land you no longer want but cannot sell? It no longer has any value to you, but as the owner you are still responsible for it. I've got stuff in my shed that is totally worthless to me, but it is still my property: I am responsible for seeing it disposed of responsibly. In economic terms, property can be an asset or a liability. Ownership works both ways, that's part of the deal.
I keep coming back to: property is a thing or things owned. That's it. We don't have to extend this argument to cover the abstract concept of value, we seem to be having enough trouble with what we've got.
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Of course one of the definitions of own is property, so that's a bit of a circular definition.