Property rights encourage environmental stewardship from "summary" of Free to Choose by Milton Friedman
Property rights play a crucial role in promoting environmental stewardship. When individuals have ownership of a piece of land or a resource, they have a vested interest in ensuring its preservation and sustainability. This is because they bear the costs of any damage done to the property and stand to benefit from its proper care. By having property rights, individuals are incentivized to use their resources wisely and efficiently. They are more likely to invest in the long-term health of their property, as they can reap the rewards of its preservation over time. This leads to better management practices that benefit not only the property owner but also the surrounding environment. In contrast, when property rights are unclear or none...
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