Abstract

http://ssrn.com/abstract=1279672
 
 

Footnotes (115)



 


 



Politics & Property in Natural Resources


Andrew P. Morriss


University of Alabama School of Law; PERC - Property and Environment Research Center; George Mason University - Mercatus Center

October 6, 2008

U Illinois Law & Economics Research Paper No. LE08-011

Abstract:     
Modern discussions of natural resources focus on increasing public control over extractive industries proposing measures that range from increasing the public's share of the gain via royalties and taxes to regulating extractive activities to prevent environmental problems to outright expropriation of private investments. This Article argues that such efforts are counterproductive because the fundamental economic problem of natural resources is producing the knowledge necessary to locate and extract resource deposits. The public benefit comes from enabling the use of the resources and the increased economic activity their discovery produces rather than from royalties or expropriation. The key question in designing natural resource laws is thus their effects on the incentive to discover and manage resources. Private property rights in natural resources are the best way to provide such incentives. Fortunately, the combination of property rights and tort law principles (trespass and nuisance) enables property rights to solve environmental problems related to natural resource extraction as well.

Number of Pages in PDF File: 68

working papers series


Download This Paper

Date posted: October 7, 2008  

Suggested Citation

Morriss, Andrew P., Politics & Property in Natural Resources (October 6, 2008). U Illinois Law & Economics Research Paper No. LE08-011. Available at SSRN: http://ssrn.com/abstract=1279672 or http://dx.doi.org/10.2139/ssrn.1279672

Contact Information

Andrew P. Morriss (Contact Author)
University of Alabama School of Law ( email )
P.O. Box 870382
Tuscaloosa, AL 35487
United States
PERC - Property and Environment Research Center ( email )
2048 Analysis Drive
Suite A
Bozeman, MT 59718
United States
George Mason University - Mercatus Center ( email )
3401 N. Fairfax Dr.
Ste. 450
Arlington, VA 22201-4433
United States
Feedback to SSRN


Paper statistics
Abstract Views: 788
Downloads: 134
Download Rank: 121,204
Footnotes:  115

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo7 in 0.281 seconds