The death this week of Ronald Coase, one of the world's most-cited economists, comes at a time when there is lively debate about the very issue he raised: why neither markets nor government are panaceas.
Supreme Court gives private property owners the right to challenge EPA rulings that affect the use of their property.
The long-held contention that rural forest communities are the prime culprits in tropical forest destruction is increasingly being discredited, as evidence mounts that the best way to protect rainforests is to involve local residents in sustainable management.
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.
How fishery management practices have lead to severely depleted fish populations.
Private landowners with river and streams running through their property claim that stretch of water as their own, but rafters who float by claim the water belongs to the public.