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The rule of capture or law of capture, part of English common law [1] and adopted by a number of U.S. states, establishes a rule of non-liability for captured natural resources including groundwater, oil, gas, and game animals. The general rule is that the first person to "capture" such a resource owns that resource.
Natural resources can be a substantial part of a country's wealth; [7] however, a sudden inflow of money caused by a resource extraction boom can create social problems including inflation harming other industries ("Dutch disease") and corruption, leading to inequality and underdevelopment, this is known as the "resource curse".
A dimension of resource development is included in resource management by which investment in resources can be retained by a smaller additional investment to develop a new capability that is demanded, at a lower investment than disposing of the current resource and replacing it with another that has the demanded capability.
Natural resource management approaches [10] can be categorised according to the kind and right of stakeholders, natural resources: State property: Ownership and control over the use of resources is in hands of the state. Individuals or groups may be able to make use of the resources, but only at the permission of the state.
Resources can be owned by (and hence be the property of) individuals, associations, collectives, or governments. [2] Property rights can be viewed as an attribute of an economic good. This attribute has three broad components, [3] [4] [5] and is often referred to as a bundle of rights in the United States: [6] the right to use the good
Some authors [44] distinguish between the resources shared (the common-pool resources), the community who governs it, and commoning, that is, the process of coming together to manage such resources. Commoning thus adds another dimension to the commons, acknowledging the social practices entailed in the process of establishing and governing a ...
"Global commons" is a term typically used to describe international, supranational, and global resource domains in which common-pool resources are found. In economics, common goods are rivalrous and non-excludable, constituting one of the four main types of goods. [2] A common-pool resource, also called a common property resource, is a special ...
In the context of an entire economy, resources can be allocated by various means, such as markets, or planning. In project management, resource allocation or resource management is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time. [1]