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Property rights in the context of environmental systems.

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Define property rights in the context of environmental systems. In a society without private or collective property rights, how would the environment suffer?

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Solution Summary

The solution discusses why property owners should be aware of their property rights while owning a piece of property.

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Property right definition: A property right is the exclusive authority to determine how a resource is used, whether that resource is owned by government or by individuals. Thus property rights with regards to the environment means that the owner of the property would not destroy or let others destroy or cause harm ...

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