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The Right of Nonuse$
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Jan G. Laitos

Print publication date: 2012

Print ISBN-13: 9780195386066

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780195386066.001.0001

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Era III—The Age of Property

Era III—The Age of Property

Chapter:
(p.35) 5 Era III—The Age of Property
Source:
The Right of Nonuse
Author(s):

Jan G. Laitos

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195386066.003.0005

This chapter discusses the third era of resource use and nonuse—the Age of Property. Competitive natural resource use, coupled with a rudimentary awareness of suboptimal consumption, ultimately led to a paradigm shift that ushered in a new era, Era III. This era witnessed the rise of legally protected ownership rights to the natural world and the emergence of the Age of Property. Although the idea of property in land and natural resources had been manifested in different European countries for centuries, the practice became firmly embedded as an integral part of successful economies, including the United States, by the nineteenth century. From the early nineteenth century through the middle of the twentieth century, the concept of a property right in a resource both moderated the effect of the open access tragedies experienced in Era II and allowed the owner to fully exploit the use component of the resource now under the owner's control.

Keywords:   resource competition, consumption, ownership property rights

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