"One concept that is widely discussed in economics, ecology, and other sciences is the tragedy of the commons."
Discussion of property rights and their role in environmental protection, including analysis of common property resources and the tragedy of the commons.
Property Rights: Property rights refer to the legal rights of individuals or entities to own and control property. These rights are an important aspect of environmental economics as they determine who has the authority to make decisions regarding natural resources.
Externalities: Externalities occur when an economic activity affects those who are not part of that activity, leading to unintended consequences for individuals or society as a whole. Environmental economics examines the role of externalities in the context of property rights and the environment, and how they can lead to inefficiencies in resource use.
Common Property Resources: Common property resources refer to resources that are owned or controlled by many individuals or groups, such as fisheries, forests, and groundwater reserves. Environmental economics explores the challenges associated with managing common property resources, including the tragedy of the commons.
Market-Based Instruments: Market-based instruments refer to policies that use market mechanisms to regulate environmental resources, such as taxes, subsidies, and emissions trading. Environmental economics examines the effectiveness of these instruments in achieving environmental goals while also promoting economic efficiency.
Valuation Techniques: Valuation techniques are methods used to determine the economic value of natural resources, including non-market goods such as biodiversity and ecosystem services. Environmental economics explores the different valuation techniques available and how they can be used to inform decision-making.
Environmental Regulations: Environmental regulations are laws and policies put in place to protect public health and the environment from the negative effects of economic activities. Environmental economics examines the costs and benefits of different regulatory approaches and how they impact economic activity.
Property Rights Institutions: Property rights institutions are the mechanisms by which property rights are enforced, such as legal frameworks and governance structures. Environmental economics explores the role of property rights institutions in promoting sustainable resource use and economic development.
Environmental Justice: Environmental justice refers to the fair distribution of environmental risks and benefits across different communities, including low-income and marginalized populations. Environmental economics explores the economic factors that contribute to environmental inequalities and how they can be addressed through policy interventions.
Natural Resource Management: Natural resource management refers to the practices and policies used to sustainably manage natural resources. Environmental economics examines the economic considerations involved in natural resource management, including the tradeoffs between conservation and economic development.
Sustainable Development: Sustainable development refers to development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Environmental economics explores the economic dimensions of sustainable development and how it can be achieved through policies that promote economic growth while also protecting the environment.
Renewable Resource Rights: This is the right to use renewable natural resources such as forests or fisheries in a sustainable manner.
Non-renewable Resource Rights: This is the right to extract and use non-renewable natural resources such as oil or coal.
Access Rights: This is the right to access natural resources, such as water or land, for use or exploitation.
Withdrawal Rights: This is the right to withdraw natural resources, such as groundwater or oil, from the environment.
Use Rights: This is the right to use the benefits that can be obtained from natural resources, such as hunting or fishing rights.
Management Rights: This is the right to manage natural resources, such as setting fishing quotas or forest management plans.
Emission Rights: This is the right to emit pollutants into the environment, such as carbon emissions or industrial waste.
Property Rights for Biodiversity: This is the right to protect and conserve natural habitats and ecosystems that harbor rare, threatened, or endangered species.
Intellectual Property Rights for Environmental Innovations: This is the right to own and license technologies or services that are designed to reduce environmental impacts, such as clean energy or waste reduction technologies.
Liability Rights: This is the right to hold individuals or organizations accountable for damages caused to the environment, such as pollution or habitat destruction.
"They will tend to over-use it, and may end up destroying its value altogether."
"If they did, the other users would merely supplant them."
"The predictable result is a tragedy for all."
"The metaphor is the title of a 1968 essay by ecologist Garrett Hardin."
"As another example, he cited a watercourse which all are free to pollute."
"But the principal concern of his essay was overpopulation of the planet."
"It was necessary to reject the principle according to which every family has a right to choose the number of its offspring."
"To replace it by 'mutual coercion, mutually agreed upon'."
"The concept itself did not originate with Hardin, but extends back to classical antiquity, being discussed by Aristotle."
"Some scholars have argued that over-exploitation of the common resource is by no means inevitable."
"The individuals concerned may be able to achieve mutual restraint by consensus."
"Because its exemplar - unfettered access to common land - did not exist historically, the right to exploit common land being controlled by law."
"Economics, ecology, and other sciences widely discuss the concept."
"A finite, valuable resource such as a pasture."
"They may end up destroying its value altogether."
"If they did, the other users would merely supplant them."
"To prevent the inevitable tragedy, it was necessary to reject the principle according to which every family has a right to choose the number of its offspring."
"To replace it by 'mutual coercion, mutually agreed upon'."
"The concept extends back to classical antiquity, being discussed by Aristotle."