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Common Property Economics defines and clarifies the theoretical distinction between open access and common property and empirically tests the adequacy of resource allocation under common property in comparison with private property. The book presents theoretical models to demonstrate overexploitation under open access. Seven necessary and sufficient conditions differentiate common property from open access. Swiss alpine grazing commons are contrasted with grazing in the English open field system. Statistical work using Swiss data compares the performance of common property with private property. Whether it be fisheries, grazing land, oil and gas pools, groundwater, or wildlife, group use of natural resources has long received the blame for overexploitation and mismanagement. In this book two types of group use are identified: open access and common property. Open access refers to resource utilization without any controls on extraction rates, a situation in which resource overexploitation often occurs. On the other hand, "common property" is a term that ought to be reserved for group use in which outside access and user extraction rates are controlled.
In the end, the book provides a fresh, comprehensive overview of an intriguing subject, accessible to anyone with a minimal background in economics. (An introductory chapter introduces the handful of assumptions embedded in the text's economics and law).
'This text seeks to provide an introduction to issues of land use and the economic tools that are used to resolve land-use conflicts. In particular, tools of economic analysis are used to address allocation of land among alternative uses in such a way that the welfare of society is enhanced. Thus, the focus is on what is best for society and not what is best for an individual, a particular group of individuals, or a particular constituency. What this text seeks to provide is a balanced and just approach to decision-making concerning allocation of land.' -- from the Introduction
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.
Tackles one of the most enduring and contentious issues of positive political economy: common pool resource management.
Why are house prices in many advanced economies rising faster than incomes? Why isn’t land and location taught or seen as important in modern economics? What is the relationship between the financial system and land? In this accessible but provocative guide to the economics of land and housing, the authors reveal how many of the key challenges facing modern economies - including housing crises, financial instability and growing inequalities - are intimately tied to the land economy. Looking at the ways in which discussions of land have been routinely excluded from both housing policy and economic theory, the authors show that in order to tackle these increasingly pressing issues a major rethink by both politicians and economists is required.
We are poised between an old world that no longer works and a new one struggling to be born. Surrounded by centralized hierarchies on the one hand and predatory markets on the other, people around the world are searching for alternatives. The Wealth of the Commons explains how millions of commoners have organized to defend their forests and fisheries, reinvent local food systems, organize productive online communities, reclaim public spaces, improve environmental stewardship and re-imagine the very meaning of "progress" and governance. In short, how they've built their commons. In 73 timely essays by a remarkable international roster of activists, academics and project leaders, this book chronicles ongoing struggles against the private com­moditization of shared resources - often known as market enclosures - while docu­menting the immense generative power of the commons. The Wealth of the Commons is about history, political change, public policy and cultural transformation on a global scale - but most of all, it's about individual commoners taking charge of their lives and their endangered resources. "This fine collection makes clear that the idea of the Commons is fully international, and increasingly fully worked-out. If you find yourself wondering what Occupy wants, or if some other world is possible, this pragmatic, down-to-earth, and unsentimental book will provide many of the answers." - Bill McKibben, author of Deep Economy: The Wealth of Communities and The Durable Future
It is widely held that private ownership is the preferred end state for all scarce resources. Those who hold this view have not looked closely enough at water in the American West, Barbanell contends. Because of water's special attributes, private ownership is an ineffective means for protecting individuals interests. Splitting the various rights of ownership between individual resources users and the community to which they belong can better protect those interests. Barbanell develops a conception of this form of common ownership, a common-property arrangement, and shows that it can function effectively for water in the West. More generally, he offers an expanded framework for analyzing right relationships and examining problems related to resource scarcity. Some economists argue that John Locke's account of property justifies the private ownership of water in the West. Barbanell argues, however, that because Locke did not think carefully enough about the variable nature of resources, his account does not support that conclusion. Although economists recognize that private ownership may not be perfectly suited to all resources, they are nonetheless skeptical about common ownership alternatives. Barbanell shows that this skepticism is unwarranted. When the rights relationship among members of a resource community is based on mutual expectations of reciprocal behavior, then a common-property arrangement can function effectively to control the degradation and depletion of a scarce resource. Barbanell's argument that common ownership is a conceptually sound and politically viable alternative for water will be of particular interest to public policy makers, environmentalists, resource economists, and political philosophers.
Economics and Property provides a clear and easy-to-read introduction to any property economics module in a degree leading to a profession in property, construction and other related fields. It focuses on the introduction of economic principles to provide the background necessary to gain a thorough understanding of commercial and residential property sectors and the markets for development, construction and occupation of property. This third edition has been comprehensively updated to include contemporary economic issues, particularly the financial crisis of 2008 and its impact on markets and economies. It focuses on providing insights into the core economic principles of: commercial and residential property markets the role and nature of government intervention understanding data and making forecasts achieving sustainable development. Key features include: clear aims and objectives for each chapters frequent summaries of key points in text definitions and a handy glossary full colour tables and diagrams throughout.
Throughout the Western world, a whole generation is being priced out of the housing market. For millions of people, particularly millennials, the basic goal of acquiring decent, affordable accommodation is a distant dream. Leading economist Josh Ryan-Collins argues that to understand this crisis, we must examine a crucial paradox at the heart of modern capitalism. The interaction of private home ownership and a lightly regulated commercial banking system leads to a feedback cycle. Unlimited credit and money flows into an inherently finite supply of property, which causes rising house prices, declining home ownership, rising inequality and debt, stagnant growth and financial instability. Radical reforms are needed to break the cycle. This engaging and topical book will be essential reading for anyone who wants to understand why they can’t find an affordable home, and what we can do about it.