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This discussion begins with some remarks concerning the concept of property as a general matter. It will then consider briefly an approach to the problem which, though promising and advanced, nevertheless falls short of achieving an internally consistent, unifying theory. Following this introduction, an attempt will be made to specify the two distinctive conceptual components of property interests on whose difference the cases seem to turn, and then to demonstrate the suitability of this conceptual distinction as the foundation for a coherent theory of the law.