Economics of Public Issues (20th Edition) (The Pearson Series in Economics)
20th Edition
ISBN: 9780134531984
Author: Roger LeRoy Miller, Daniel K. Benjamin, Douglass C. North
Publisher: PEARSON
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Question
Chapter 26, Problem 1DQ
To determine
Whether there has ever been a problem with the extinction of cats, dogs or cattles or not and the reason for the same?
Concept introduction:
Property rights:
Property rights are defined as the rights over a thing or a resource owned by an individual. When property rights are well defined, then it provides reasons to the owner to protect and care its resources.
Explanation:
- No, there has never been a problem with the extinction of cats, dogs or cattles. This is because the property rights in case of these animal’s ownership are well defined.
- In order to own cats, dogs and cattle, one must ensure that one has legal rights over their ownership. Once the property right is well defined, the owner can accordingly decide when to harvest them to get benefits from it, as no other person has right to do so.
- On the other hand, such animals are domestic animals, so, people have reasons to ensure that their population is not diminished. The owners continue the harvesting if such animals in a profitable manner.
Expert Solution & Answer
Explanation of Solution
- No, there has never been a problem with the extinction of cats, dogs or cattles. This is because the property rights in case of these animal’s ownership are well defined.
- In order to own cats, dogs and cattle, one must ensure that one has legal rights over their ownership. Once the property right is well defined, the owner can accordingly decide when to harvest them to get benefits from it, as no other person has right to do so.
- On the other hand, such animals are domestic animals, so, people have reasons to ensure that their population is not diminished. The owners continue the harvesting if such animals in a profitable manner.
Economics Concept Introduction
Concept introduction:
Property rights:
Property rights are defined as the rights over a thing or a resource owned by an individual. When property rights are well defined, then it provides reasons to the owner to protect and care its resources.
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Chapter 26 Solutions
Economics of Public Issues (20th Edition) (The Pearson Series in Economics)
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