Privatization and natural resources
2002
Rikalovic, G. (Ekonomski fakultet, Beograd (Serbia and Montenegro))
Natural resources are one of essential factors and catalizens of economic development in a given country. How producers and consumers use the resources making up the environmental asset depends on the nature of the property rights governing resource use. When property right systems are exclusive, transferable and enforceable the owner of a resource has a powerful incentive to use that resource efficiently, since the failure to do so results in a personal loss. Private property is not the only possible way of defining entitlements to resources use. Other possibilities include state - property, common property and res nullius regimes. These create rather different incentives for resource use.
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