Is there a proper policy on keeping lost property?

Following the principle of refusing the unearned, I think it is proper to make an effort to return the money or other property. Helping the owner recover his lost property is the sort of help Rand envisions in her discussions of emergency situations. (See Lexicon under emergency.) The degree of time and trouble one ought to give to this depends on personal circumstances as well as the value of the lost property.

This is a Golden Rule situation in which being helpful makes a valuable contribution to one's own cultural ambience. The essence of the good of this sort of helpfulness is that circumstances make it possible for a small effort to return a large benefit, only it is one person's effort and another person's benefit. Accidental factors create this situation, and we are all victims, sometimes, of such factors. I prefer to live in a society in which the help of strangers is customarily available, and that means taking the role of helper when it comes along, though always with an eye on the costs involved.

I answered this question in a recent edition of my Rationally Selfish Webcast.  An audio recording of my response is available as a podcast here: NoodleCast #52: Live Rationally Selfish Webcast. The discussion of this question runs from 49:40 to 58:06. 

My basic view is that because lost property belongs to someone else and because you want to live in a benevolent culture, you should make a reasonable effort to return lost property to its rightful owner. Forgetful people like me really appreciate that!