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<br />(~ <br />~:,; <br />~ -, <br /> <br />Conclusions and Recommendations <br /> <br />"-",l.~' <br /> <br />hard to see that any system of property rights could account for the <br />ultimate effects, which sometimes transcend national boundaries and <br />operate over very long distances. <br /> <br />....'., <br /> <br />The traditional economic analysis of production thus fails to be rich <br />enough to encompass the actual links observed in the use of natural living <br />systems as resources. But it is also true that economic analysis is not rich <br />enough in its understanding of alternative social arrangements. When <br />private property fails, economists usually think of state intervention, in <br />the form of regulations or substitutes for prices (taxes and subsidies, for <br />example). But human societies have long faced the problems offree access <br />and frequently have created [other] social institutions that regulate them <br />(Arrow 1996). <br /> <br />-, <br />~t <br /> <br />::01 <br />:"" <br /> <br />/'l' <br /> <br />.'.. <br /> <br />~ <br /> <br />f<~3':23 <br /> <br />143 <br />