Property Rights, Entrepreneurship and Public Policy: A Review from Classical Liberalism
| Autor | Edwin Iván Zarco Nieva - Mary Liz Zarco Nieva |
| Cargo | Independent legal researcher - Independent legal researcher |
| Páginas | 169-203 |
Zarco E.; Zarco, M. Property Rights, Entrepreneurship and Public Policy
169
Revista Facultad de Jurisprudencia RFJ No.13 Junio 2023
Property Rights, Entrepreneurship and Public
Policy: A Review from Classical Liberalism
Derechos de Propiedad, Empresarialidad y Políticas
Públicas: Una revisión desde el Liberalismo Clásico
Edwin Iván Zarco Nieva
Independent legal researcher
City: Lima
Country: Peru
Mary Liz Zarco Nieva
Independent legal researcher
City: Lima
Country: Peru
Original Article (Miscellaneous)
RFJ, No. 13, 2023, pp. 169 - 203, ISSN 2588-0837
ABSTRACT: This research describes how Market Ecology
constitutes the basis for understanding and implementing
efficient and innovative actions for the Conservation of Natural
Resources. Basically, through this article, it will be understood
that the ideas of freedom, the market, and a public policy
that promotes the entrepreneurial function, are the basis for
protecting, managing, and caring for those beautiful spaces, full
of life and nature, that we appreciate so much.
KEYWORDS: market ecology, property rights, entrepreneurship,
public policies.
RESUMEN: Este artículo describe cómo la Ecología de Mercado
constituye la base para entender e implementar acciones
eficientes e innovadoras de Conservación de los Recursos
DOI 10.26807/rfj.vi.458
Zarco E.; Zarco, M. Property Rights, Entrepreneurship and Public Policy
170
Revista Facultad de Jurisprudencia RFJ No.13 Junio 2023
Naturales. Básicamente mediante el presente trabajo se
entenderá que las ideas de la libertad, el mercado y una política
pública que fomente la función empresarial, constituyen la base
para proteger, gestionar y cuidar esos espacios hermosos, llenos
de vida y naturaleza, que tanto apreciamos.
PALABRAS CLAVE: ecología de mercado, derechos de
propiedad, empresarialidad, políticas públicas.
JEL CODE: G18, H82.
INTRODUCTION
Market Ecology is a theoretical approach that began to
be conceived in the 1980s by a group of young economists (Terry
Anderson, John Baden, P.J. Hill, and Richard Stroup) around the
Property and Environment Research Center (PERC) in Bozeman,
Montana, an institution founded by these professionals to
investigate how markets can improve environmental quality.
According to Anderson (1993):
At its core, Market Ecology is based on a system of well-
defined property rights over natural resources. If these
rights are in the hands of individuals, corporations,
non-profit environmental groups, or communal groups,
a discipline is imposed on resource users, because the
wealth of the owners of the property rights are at risk
if wrong decisions are made. Of course, the further a
decision is removed from this discipline - as is the case
when there is political control - the less likely it is that
resources will be properly managed. Moreover, when
well-defined property rights are transferable, owners
must consider not only their value but also what others
are willing to pay for them. (p. 32)
Zarco E.; Zarco, M. Property Rights, Entrepreneurship and Public Policy
171
Revista Facultad de Jurisprudencia RFJ No.13 Junio 2023
Market Ecology is fundamentally based on an adequate
definition of property rights as the basis for guaranteeing
property owners the incentives to develop initiatives to protect
natural resources. Well-defined and transferable property
rights generate positive incentives for people to act in an
environmentally friendly manner. In this sense, this article
addresses the implications of peaceful interaction between
property rights, entrepreneurship, and public policies to
achieve sustainable preservation of the environment.
1. PROPERTY RIGHTS AND PRODUCTIVE
ENTREPRENEURSHIP
In addition, an adequate definition of property rights
motivates owners to develop their Business Function, i.e., to
carry out the necessary actions to enhance the value of a given
area with valuable natural resources. In the case of natural
resource conservation, having properly defined property rights
encourages the owners of these areas to promote business
initiatives such as ecotourism, biodiversity research, or other
options that generate economic benefits for them.
Property rights form the basis of the theoretical
approach to Market Ecology, as indicated by Anderson (1993):
The approach to property rights over natural resources
admits that such rights imply a dependence on the
benefits and costs derived from their definition and
application. This calculation depends in turn on variables
such as the expected value of the resource in question,
the technology of measurement and control of property
rights, and the moral and legal usages that condition the
behavior of the acting parties. At a given point in time,
property rights will reflect the perceived benefits and
the costs of definition and enforcement. (p. 56)
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