Property rights are essential for market exchange. The definition of those rights, their enforcement, and their transferability all help determine the extent of trade and the rate of economic development and wealth creation.
Economist, n. a scoundrel whose faulty vision sees things as they really are, not as they ought to be. —after Ambrose Bierce
In open-access settings, high-quality resources are lucrative; yet keeping out potential entrants may be extremely costly.
The public trust doctrine is a little-known bit of legal history that is now touted as an ancient rule of law that allows governments to control property long presumed to be privately owned.
How fishery management practices have lead to severely depleted fish populations.
By Randy L. Simmons
Terry Anderson, Randy Simmons
The Political Economy of Customs and Culture:Informal Solutions to the Commons ProblemsTerry L. Anderson and Randy T. Simmons, Editors