Property rights, “takings” and environmental management

Property rights are often seen to be the cause and the solution of a wide range of social problems especially those affecting the natural environment. But, the property rights box is indeed pandoran, spawning as many questions as it answers as a function of diverse theoretical perspectives. The literature on property rights is not homogeneous so that interpretations of problems and suggestions for solutions are highly diverse. Consequently, the value of property rights theory in understanding or solving social problems can be problematic. The recent interest in property rights theory has been spawned by the focus on the “takings” issue where a particular perspective of private property rights, as a form of natural rights, has “re”‐emerged. This “new” private property rights perspective portends radical consequences for environmental management. But the theme of this paper is that this methodology adds little insight to the understanding of property rights and environmental problems.