When it comes to protecting fisheries, not all property rights are created equal.
A cautionary tale of ozone regulation
Just as the market brought the bison to near extinction, so too has it brought them back from the brink.
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.
Waterborne diseases are responsible for 20 percent of deaths in children under the age of five. Microbes such as E. coli found in fecal matter cause diarrhea that kills by dehydrating its victims.
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.
Once an icon of the American west, bison are now hazed through costly government-driven efforts and killed in droves around Yellowstone National Park during the winter. Their crime: migrating outside of the park's borders onto public and private land in Montana, searching for food.