Who determines how property rights are to be established and protected? The market does not include a mechanism for determining property rights, since their establishment and protection requires action from some institution, which in most cases is 'government'. The establishment of property rights is a government response to the market failure of common access resources. Look at fishing permits, carbon credits, drilling rights for oil... examples of government establishing property rights...
Your videos are very relevant to my syllabus. Much thanks to the vivid explanation which cleared much of my doubts in a short period of time. Good to review before my test ThankYou!
A resource can also be a customer base. A community with too many pizzerias will lead to the operators being forced to cut corners in order to survive. And so the quality start to drop.
There are resources over which property rights are clearly present. "yourself", as you say, and your personal property. But a common access resource, by definition, is one over which there are no clearly defined property rights. How can you claim that anyone owned the earth's atmosphere or the resources in the sea? Justify, please.
Who determines how property rights are to be established and protected? The market does not include a mechanism for determining property rights, since their establishment and protection requires action from some institution, which in most cases is 'government'. The establishment of property rights is a government response to the market failure of common access resources. Look at fishing permits, carbon credits, drilling rights for oil... examples of government establishing property rights...
Your videos are very relevant to my syllabus. Much thanks to the vivid explanation which cleared much of my doubts in a short period of time. Good to review before my test ThankYou!
Have my children
Thank you Jason very cool
A resource can also be a customer base. A community with too many pizzerias will lead to the operators being forced to cut corners in order to survive. And so the quality start to drop.
There are resources over which property rights are clearly present. "yourself", as you say, and your personal property. But a common access resource, by definition, is one over which there are no clearly defined property rights. How can you claim that anyone owned the earth's atmosphere or the resources in the sea? Justify, please.