Question

Define the term 'Common property resources'

Answer 1

Answer:

Common property resources (environmental) are natural resources owned and managed collectively by a community or society rather than by individuals.

Explanation:

Answer 2

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Common Property Resource

A common property resource is one that is environmentally supplied and subject to open access. The outcome is that the self-interested activity of individuals is completely inconsistent with the social good (Adam Smith turned on his head!). With open access over-entry occurs (fishing is a good example) and the level of economic resources committed to the industry is excessive and the resource itself (fish stocks or common grazing land) is destroyed. The solution lies in the allocation of individual property rights to the resource or enlightened regulation of access through the use of efficient policy instruments.

This problem of over entry was given popular coverage with the concept of "The Tragedy of the Commons." The owners of animals newly introduced to a common grazing area were shown to be able to pass the cost of depleting the food resources on to the original users of the common grazing area, with the end result being the destruction of the resource. The modern application of this concept is found in concerns over the atmospheric ozone layer, and the Greenhouse Effect

This condition of open access effectively means an absence of individual property rights. The management problem for common property resources is that if individuals consider only their own welfare, overuse of the resource still leads to gains to the individual and relatively smaller losses to all their other uses. There is therefore always an incentive for further entry up to the point where the costs of entry to another user is equal to the value of access to the common property resource.

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