The paper examines the limitation in the cognition of the social nature of property inherent in the economic theory of property rights. This limitation is the original premise of the above concept, which is the recognition of private property as the only possible and absolutely effective form. The existence of public property relations in the form of a sphere of movement of social goods and their property of non-excludability, which is essential, is substantiated. The mutual transitions of public property to private property and private property to public property are described; the latter is associated with the notion of the socialization of property. The conclusion is drawn that the economic theory of property rights has cognitive potential only in relation to private property and market relations based on it. Anything beyond these relations cannot be investigated by the economic theory of property rights.