INDEV100 Lecture 5: Property Rights - 5
31 Oct 2018
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Document Summary
Property rights (in this case natural resources) are rights upheld by law or custom and specify how individuals can control, benefit from or transfer resources (land, forests, water, minerals). This can be informal or documented and enforceable by state law. Societies around the world have developed common property rights in a response to scarcity or to keep costs of maintaining resource low. Types of property rights: open access: free for all, private property, common property, state property. This indicates the absence of well-defined property rights. Open access refers to access of the resource is unregulated and is free and open to everyone. This refers to the rights to exclude others from using the resource and to regulate the use of the resource are vested in an individual. Unlike open access, private-property rights usually are exclusive and transferable. However if private property rights are violated then legal action can be taken.
