Introduction

Ownership, within some limits, implies control. If I own my house, I can sell it, tear it down, rent to someone else or, perhaps, paint it. If I am rational, I will normally do nothing that will decrease its value but will, on the other hand, be inclined to do things that will enhance its value. Not all of the physical universe is "owned" in this sense, and of the things that are owned, not all are owned by private parties who are presumed to be economic maximizers.