This paper explores the idea that property rights can be seen in two ways: either as personal property or as capital. By looking at historical perspectives, the authors show that property rights can be about using things for personal reasons or for business. The classic view sees property rights as absolute control over things, while the modern view sees it as a mix of different rights. The paper suggests that the reason for this difference is linked to the value we place on things: whether it's about personal use or for trade. The authors argue that in a purely capitalist system, transaction costs can explain how legal rules develop, but when it comes to personal belongings, other factors like fairness and value judgments come into play. So, our ideas about property rights are shaped by what we see as valuable and how we think things should be used.