Property concepts , Microeconomics

Property Concepts

We begin with the definition of different property concepts so as to make a clear understanding of common property resources vis-a-vis other property resources. A resource regime is a structure of rights and duties characterizing the relationship of individuals to one another with respect of that particular resource. It is essential to point out here that property is not an object such as land, but is rather a right to a stream of benefits.

Moreover, implicitly such benefits are secured in the sense that it is the duty of all others to respect the conditions that protect that stream of benefits. We will discuss here four possible property regimes, viz., state property regime, private property regime, common property regime, and non-property regime or open access. Each will be considered here in turn.

Posted Date: 12/17/2012 11:50:43 PM | Location : United States







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