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Author: Gary D. Libecap
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Property rights are the most fundamental institution in any society. They determine who has decision-making authority over assets and who bears the costs and benefits of those decisions. They assign ownership, wealth, political influence, and social standing. They make markets possible; define timelines; and provide incentives for investment, innovation, and trade. They mitigate the losses of open access and provide the basis for long-term economic growth. Economists and economic historians have long recognized the importance of secure property rights for economic outcomes. Other political economy, philosophy, historical, and legal literatures emphasize different, but critical attributes based on how property rights are allocated and to whom. The linkages among the social, political, and economic effects are examined here with respect to US and Latin American frontier land and minerals. Property rights were sharply different across the two frontiers with apparent long-term consequences for economic growth, innovation, wealth distribution, private investment in public goods, as well as social and political stability. The distinct assignment of property rights to land and minerals is likely a basis for long-term US exceptionalism in economic performance, individualism, mobility, and optimism. The mechanisms through which property rights to land in a frontier society affect outcomes in a contemporary, highly urban one are complex. Because property rights to land were broadly distributed, Americans could participate in capital markets using land as collateral. This ability shaped opinions regarding markets, capitalism, and individual opportunity. In the 21st century, these critical attributes may be eroding, inviting more analysis from economists and economic historians.
Author: Gary D. Libecap
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Property rights are the most fundamental institution in any society. They determine who has decision-making authority over assets and who bears the costs and benefits of those decisions. They assign ownership, wealth, political influence, and social standing. They make markets possible; define timelines; and provide incentives for investment, innovation, and trade. They mitigate the losses of open access and provide the basis for long-term economic growth. Economists and economic historians have long recognized the importance of secure property rights for economic outcomes. Other political economy, philosophy, historical, and legal literatures emphasize different, but critical attributes based on how property rights are allocated and to whom. The linkages among the social, political, and economic effects are examined here with respect to US and Latin American frontier land and minerals. Property rights were sharply different across the two frontiers with apparent long-term consequences for economic growth, innovation, wealth distribution, private investment in public goods, as well as social and political stability. The distinct assignment of property rights to land and minerals is likely a basis for long-term US exceptionalism in economic performance, individualism, mobility, and optimism. The mechanisms through which property rights to land in a frontier society affect outcomes in a contemporary, highly urban one are complex. Because property rights to land were broadly distributed, Americans could participate in capital markets using land as collateral. This ability shaped opinions regarding markets, capitalism, and individual opportunity. In the 21st century, these critical attributes may be eroding, inviting more analysis from economists and economic historians.
Author: Gary D. Libecap
Publisher:
ISBN:
Category : Natural resources
Languages : en
Pages : 46
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Book Description
In addressing environmental and natural resource problems, there is a move away from primary reliance upon centralized regulation toward assignment of property rights to mitigate the losses of open-access. I examine the assignment of private property rights during the 19th and early 20th centuries to five natural resources, mineral land, timberland, grazing and farm land, and water on federal government lands in the Far West. The region was richly endowed with natural resources, but assigning property rights to them required adaptation from established, eastern practices as defined by the federal land laws. The property rights that emerged and their long-term welfare effects provide a laboratory for examining current questions of institutional design to address over-fishing, excessive air pollution, and other natural resource and environmental problems. A major lesson is that property rights allocations based on local conditions, prior use, and unconstrained by outside government mandates were most effective in addressing not only the immediate threat of open-access, but in providing a longer-term basis for production, investment, and trade. Another lesson is how hard it is to repair initial faulty property allocations. Accordingly, path dependencies in property rules are real, and they have dominated the economic history of resource use in the West
Author: Colin Harris
Publisher: Cambridge University Press
ISBN: 1108981437
Category : Business & Economics
Languages : en
Pages : 188
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Book Description
Property rights are the rules governing ownership in society. This Element offers an analytical framework to understand the origins and consequences of property rights. It conceptualizes of the political economy of property rights as a concern with the follow questions: What explains the origins of economic and legal property rights? What are the consequences of different property rights institutions for wealth creation, conservation, and political order? Why do property institutions change? Why do legal reforms relating to property rights such as land redistribution and legal titling improve livelihoods in some contexts but not others? In analyzing property rights, the authors emphasize the complementarity of insights from a diversity of disciplinary perspectives, including Austrian economics, public choice, and institutional economics, including the Bloomington School of institutional analysis and political economy.
Author: Lee J. Alston
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
We present a conceptual framework to better understand the interaction between settlement and the emergence of de facto property rights on frontiers prior to governments establishing and enforcing de jure property rights. In this framework, potential rents associated with more exclusivity drives “demand” for commons arrangements but demand is not a sufficient explanation; norms and politics matter. At some point enhanced scarcity will drive demand for more exclusivity beyond which can be sustained with commons arrangements. Claimants will therefore petition government for de jure property rights to their claims - formal titles. Land conflict will be minimal when governments supply property rights to first possessors. But, governments may not allocate de jure rights to these claimants because they face differing political constituencies. Moreover, governments may assign de jure rights but be unwilling to enforce the right. This generates potential or actual conflict over land depending on the violence potentials of de facto and de jure claimants. We examine land settlement and conflict on the frontiers of Australia, the U.S. and Brazil. We are interested in examining the emergence, sustainability, and collapse of commons arrangements in specific historical contexts. Our analysis indicates the emergence of de facto property rights arrangements will be relatively peaceful where claimants have reasons to organize collectively (Australia and the U.S.). The settlement process will be more prone to conflict when fewer collective activities are required. Consequently, claimants resort to periodic violent self-enforcement or third party enforcement (Brazil). In all three cases the movement from de facto to de jure property rights led to potential or actual conflict because of insufficient government enforcement.
Author: Matthew Johnson
Publisher: Taylor & Francis
ISBN: 1040037151
Category : Political Science
Languages : en
Pages : 189
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Book Description
This book explores the role of private mining rights in the utopian imaginary of space colonisation. It presents a transdisciplinary account of the new and evolving legislative frameworks that have been established in anticipation of commercial exploitation of the mineral resources of the off-world frontier. Written in an engaging style, the book investigates a novel case study in the history of capitalism and 'the commons': the emergence of a nascent space mining industry, undergirded by a contentious legislative framework. In 2015, the US passed laws that would recognise the claims of US corporations to own and sell space resources. This unilateral act of pre-emptive law-making would appear to contravene the terms of the UN Outer Space Treaty (1967), which declared that the exploration and use of outer space should be ‘for the benefit of all mankind’ and ‘not subject to national appropriation’. Using this central dynamic between privately held mining rights and outer space as a 'global commons', Matthew Johnson constructs an historical sociology of space mining – from the deep historical roots of common and private property to the contemporary networks of neoliberalism that have engaged with the commercialisation of space activity. The anticipatory expansion of private property claims beyond the Earth both resonates with and problematises the ‘terrain’ of political history, such as the tensions between states and markets, public law and private power, ‘the commons’ and exclusive property. The emerging cosmopolitics of off-world private property mirrors (and is often explicitly embedded within) neoliberal geopolitics, prompting urgent questions about how we can reaffirm principles of democracy and ‘common heritage’ in the international laws of Earth and space. This book is compelling reading for anyone interested in the social study of space, law, economics, technology, politics and property rights.
Author: Gary D. Libecap
Publisher: Cambridge University Press
ISBN: 9780521449045
Category : Business & Economics
Languages : en
Pages : 148
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Book Description
The histories of rights to minerals, range, timber land, fishery and crude oil production in the U.S. are examined to reveal the problems encountered in negotiations among claimants and the political and economic considerations that influence property rights arrangements.
Author: Claude Diebolt
Publisher: Springer Nature
ISBN: 3031355830
Category :
Languages : en
Pages : 2796
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Book Description
Author: Virgiliu Pop
Publisher: Springer Science & Business Media
ISBN: 1402091354
Category : Science
Languages : en
Pages : 183
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Book Description
This work investigates the permissibility and viability of property rights on the - lestial bodies, particularly the extraterrestrial aspects of land and mineral resources ownership. In lay terms, it aims to ?nd an answer to the question “Who owns the Moon?” The ?rst chapter critically analyses and dismantles with legal arguments the issue of sale of extraterrestrial real estate, after having perused some of the trivial claims of celestial bodies ownership. The only consequence these claims have on the plane of space law is to highlight the need for a better regulation of extraterrestrial landed property rights. Next, thebook addresses theapparent silenceofthelawinthe?eldofextraterr- trial landed property, scrutinizing whether the factual situation on the extraterrestrial realms calls for legal regulations. The sources of law are examined in their dual dimension – that is, the facts that have caused and shaped the law of extraterrestrial real estate, and the norms which express this law. It is found that the norms and rules regarding property rights in the celestial realms are rather limited, failing to de?ne basic concepts such as celestial body.
Author: Ilia Murtazashvili
Publisher: Routledge
ISBN: 0429852703
Category : Business & Economics
Languages : en
Pages : 172
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Book Description
Over the past two decades, "fracking" has led to a revolution in shale gas production. For some, shale gas promised economic opportunities, cheaper energy bills, and an alternative to coal. For others, shale gas was fool’s gold. Critics contend that the shale boom has occurred in a regulatory Wild West, that the response has been fractured and ineffective, or that the harmful environmental and health consequences exceed the benefits from shale gas production. The Political Economy of Fracking argues that the criticism of the shale revolution has been misplaced. The authors use insights from a diversity of perspectives in political economy to understand why the shale boom occurred, who won in the race for shale, and who was left behind. The book explains how private property rights and entrepreneurs led to the shale boom. It contends that polycentric governance, which encourages a diversity of regulatory responses, is a virtue because it generates knowledge about the most appropriate ways to regulate shale development. Private property rights and political institutions that provide for local self-governance also helped to ensure that the benefits of shale gas production exceeded its costs. The authors make the case for fracking shale gas using evidence from shale-producing countries from around the world, comparing them to those that have fallen behind in the shale race. They show that private property rights and markets have been a source of innovation and dynamism and that a diversity of regulatory responses is appropriate to govern shale gas development. This book is insightful reading for academics and professionals interested in the shale boom, the fracking industry in general, and regulatory policy.
Author: Lee J. Alston
Publisher: University of Michigan Press
ISBN: 0472024280
Category : Business & Economics
Languages : en
Pages : 242
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Book Description
The Amazon, the world's largest rain forest, is the last frontier in Brazil. The settlement of large and small farmers, squatters, miners, and loggers in this frontier during the past thirty years has given rise to violent conflicts over land as well as environmental duress. Titles, Conflict, and Land Use examines the institutional development involved in the process of land use and ownership in the Amazon and shows how this phenomenon affects the behavior of the economic actors. It explores the way in which the absence of well-defined property rights in the Amazon has led to both economic and social problems, including lost investment opportunities, high costs in protecting claims, and violence. The relationship between land reform and violence is given special attention. The book offers an important application of the New Institutional Economics by examining a rare instance where institutional change can be empirically observed. This allows the authors to study property rights as they emerge and evolve and to analyze the effects of Amazon development on the economy. In doing so they illustrate well the point that often the evolution of economic institutions will not lead to efficient outcomes. This book will be important not only to economists but also to Latin Americanists, political scientists, anthropologists, and scholars in disciplines concerned with the environment. Lee Alston is Professor of Economics, University of Illinois, and Research Associate for the National Bureau of Economic Research. Gary Libecap is Professor of Economics and Law, University of Arizona, and Research Associate for the National Bureau of Economic Research. Bernardo Mueller is Assistant Professor, Universidade de Brasilia.
