Question

Giving appropriate examples, discuss briefly the importance of property rights in natural resource management.

Answer 1

Property right is critically important for is to consider the form and ownership of property right in resources. The property right paradigm provides important analytical leverage in comprehending how individual interact within institutions. The property right concept, then, not only helps us understand history, it also helps us predict the consequences of today's institutions or to compare the likely outcomes of alternative arrangements. Five the increased pressure from more powerful technologies which increase our ability to access and process more natural resources, an increased comprehension of our system and our alternatives is most welcome.

Property is most valuable to an individual when it'sownership is outright, and it is easily transferable in exchange for other goods and services. However, even a limited discretionary command over access to a resource confers statusband power to the holder.