Common Property Resource Management : Solving Various Problems

1099 Words Jan 22nd, 2016 5 Pages
Common Property Resource Management in solving various Problems
In studying environmental economics, we must first understand the meaning of common property assets and implied essence of possession rights in environmental resource issues. There is a distinction of local resources from the rest of joint resources. Environmental resources have no readily available market, and uncertainties are always unavoidable considerations in any serious study of common property resources. We define common property resources as those with well-defined property rights. These resources also have characteristics such as rivalry in consumption, non-excludability and exercisable rights by members of a collective group. Examples of local common resources can be those owned by minor groups such as clans and communities. These can be the likes of grazing grounds, onshore fisheries, and communally managed irrigation schemes including tanks, wells and canals.
According to Hardin, the major problem in resource use in the entire world is the population tragedy. A population that grows either geometrically or exponentially, as per Malthus, is a constraint to resource use and allocation. Thus, we need efficient criteria in allocating economic resources in such a way that we get the maximum benefit. The world is finite, population always is increasing, and people share world resources. This increase in numbers of world population threatens the available resources and hence raising human misery with the…
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