COMMON PROPERTY RESOURCES

Throughout the world there are assets that are neither private nor
state property, but common property. The term denotes a class of
institutions that govern the ownership and rights-of-access to
assets. Common property assets are to be distinguished from
"public goods," in that, unlike the latter, use by someone of a unit
of a common property asset typically reduces the amount
available to others by one unit (in economic terminology, such an
asset is rivalrous in use). The institution of common property
creates and harbors reciprocal externalities. As some of the most
interesting examples of common property assets are natural
resources, this entry is restricted to them.

 The common property resources can be referred to as the

property that is collectively used by the people or society of
the country or states. Here it is related to the area of the
surface often used by animals.

Common property resources itself is described as the

property that is used collectively by the citizens. It is not bound
to a particular group of people. Some of this property include
rivers, lakes, oceans, mountains, roads, grazing land,
atmosphere, and fishing grounds. To understand the subjects
that are divided among people, we can refer to the list of the
Indian constitution that describes the subjects divided state,
union, and concurrent. The union list consists of 97 subjects,
the state list consists of 66 subjects, and the concurrent list
consists of 47 subjects. The concurrent list is a list in which
both center and state can make laws. In the union list, the only
central government can make laws, and in the state list, the
only state government can make laws. All these subjects are
divided so that there will be no conflict between the center
and the state and it will be easy for all the proceedings. Here,
fruit orchards, woodlots, and forests are not common
property resources.
Additional Information – Some of the subjects included in the
union list are foreign affairs, banking, and currency. In the
state list public health and sanitation, hospitals, and
dispensaries, and the concurrent list, education, forest,
marriage, and adoption.

The common property resources are also called common-

pool resources. It includes natural or man-made resources. A
pasture allows a certain section of people to graze the land. If
excessive grazing is subjected, it leads to erosion.