With the advent of industrial, important new uses for land emerged, as sites for factories, warehouses, offices, and citizen agglomerations.in addition, the value of real property taking the form of man-made structures and machinery increases relative to the value of land alone. The concept of real property finally the comes to encompass effectively all forms of tangible determined capital. with the rise of extractive industries, real property comes to cover natural capital. With the rise of tourism and recreational, real property comes to embed scenic and other amenity values. begins in the 1960s, as part of the emerging field of law and economics, economists and legal scholars started to study the property rights enjoyed by tenants under the different estates, and the economic benefits and costs of the various estates. This as a result in a much improved understanding of the: Decide how a piece of real property is used; Exclude others from enjoying the property; Transfer (alienate) some or all of these rights to others on mutually agreeable terms; Nature and consequences of transaction costs when changing and transferring estates.