Economics and Property
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Edited by Francesco Parisi
This problem is made worse is accompanied by moral hazard — that is, assuming that someone else will pick up the litter, or clean the seas. Over-use can also result in the general exhaustion of other natural resources, including the environment itself. The environment is, indeed, a scarce resource which can be depleted at will because so much of it cannot by protected by establishing property rights. Though complex to design and implement, government can grant property rights over scarce resources in an attempt to protect them from opportunism, misuse, and over-use.
According to Ronald Coase, allocating property rights will encourage the appointed owners to protect the resource by allowing the owners to sue those who exploit the resource.
SOME WEWORK UNIT ECONOMICS
When applied to resources that are under attack from pollution, extending property rights will enable the owners to sue the polluters. This allowed the Authority to police the rivers and sue polluters, and opportunists like poachers. Once rights are allocated it may be possible to identify those individuals, firms or organisations that abuse or misuse the environment.
Supporters of the extension of property rights see it a crucial to the formation and effective operation of markets. Once rights are established the owners can police the use of the resources, and penalise those who misuse the resource. UK economy contracts by 0. Property rights. Brexit latest.
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This page was processed by aws-apollo4 in 0. Skip to main content. Copy URL. See all articles by Henry E. Smith Henry E.
The Law and Economics Approach to Property by Daniel H. Cole :: SSRN
Smith Harvard Law School. Abstract The economic analysis of property has made progress in areas of property closest to contracts and torts, where the assumption that legal rules can be studied in isolation has some plausibility. Smith, Henry E. Henry E. Register to save articles to your library Register.