Renewable Natural Resource Management And Without Markets (original) (raw)

Natural resources, by their nature, are not readily bent to the status of private property. Efficient resource use is complicated by jurisdictional externalities, public goods, non-use values and beneficiaries spatially separated from the location of resources. The task is made more challenging by ecological complexity which obscures cause (benefits) and effects (costs), dramatic time lags between individual actions and subsequent social consequences which, together with substantial uncertainty, introduce the chance of irreversibilities. Resource economists have played a major role in the literature on externalities, the development of individual transferable quotas, non-market valuation techniques and common property management. 4 The first of mankind had in common all those things which God had given to the human race. This community was not a positive community of interest...It was a...negative community, which resulted from the fact that those things which were common to all ...

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