Property Rights and Environmental Policy: A New Zealand Perspective
AbstractThis paper is intended to lay out a preliminary foundation for applying a property rights perspective to environmental policy issues facing New Zealand. It does not attempt to apply such an approach to any specific issue. Rather it summarises the core principles behind effective rights regimes (illustrated by the evolution of rights over time), reviews how such regimes have been applied to environmental issues internationally, and describes current natural resource rights regimes in New Zealand. The purpose of applying property rights to the environment can vary widely and reflect quite different perspectives. Regulation by any form, however, whether command-and-control or market-based, creates or modifies property rights. While private property rights will not always be appropriate, the alternatives redefine and reallocate rights rather than eliminating them. A common or public property right remains a right held by someone. The choice is not therefore whether to modify property rights to improve environmental outcomes, but how to do so in a way that optimises national welfare. However, if more use of market-based instruments is appropriate, then the work required to create the legal, institutional and scientific framework to successfully implement them (including trading off social, economic and environmental outcomes) should not be under-estimated. Fishing and water rights demonstrate these difficulties and the payoff (for fisheries at least) that can be achieved.
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Bibliographic InfoPaper provided by New Zealand Treasury in its series Treasury Working Paper Series with number 03/02.
Length: 47 pages
Date of creation: Mar 2003
Date of revision:
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Postal: New Zealand Treasury, PO Box 3724, Wellington, New Zealand
Phone: +64-4-472 2733
Fax: +64-4-473 0982
Web page: http://www.treasury.govt.nz
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Property Rights; Transferability; Market Based Instruments (MBI); Environmental Policy; New Zealand;
Find related papers by JEL classification:
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
- H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
- P14 - Economic Systems - - Capitalist Systems - - - Property Rights
- Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
- Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-04-02 (All new papers)
- NEP-ENE-2003-04-02 (Energy Economics)
- NEP-MIC-2003-04-02 (Microeconomics)
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