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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; the right to earn income from the good
(4) Lucas's lands have been deprived of all economically beneficial use. (5) There is no way to distinguish regulation that "prevents a harmful use" and confers benefits on nearby property. (6) Contrary to Respondent South Carolina's assertion, title is not held subject to the limitation that the state may regulate away all the property's ...
Beneficial use is commonly defined as agricultural, industrial or household use. The doctrine has historically excluded ecological purposes, such as maintaining a natural body of water and the wildlife that depends on it, but some jurisdictions now accept such claims. The extent to which private parties may own such rights varies among the ...
The "polestar" of regulatory takings jurisprudence is Penn Central Transp. Co. v.New York City (1973). [3] In Penn Central, the Court denied a takings claim brought by the owner of Grand Central Terminal following refusal of the New York City Landmarks Preservation Commission to approve plans for construction of 50-story office building over Grand Central Terminal.
The economics concept of a merit good, originated by Richard Musgrave (1957, 1959), is a commodity which is judged that an individual or society should have on the basis of some concept of benefit, rather than ability and willingness to pay. The term is, perhaps, less often used presently than it was during the 1960s to 1980s but the concept ...
Public goods include knowledge, [4] official statistics, national security, common languages, [5] law enforcement, broadcast radio, [6] flood control systems, aids to navigation, and street lighting. Collective goods that are spread all over the face of the Earth may be referred to as global public goods .
Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general equilibrium, with a focus on economic efficiency and income distribution. [13] In general usage, including by economists outside the above context, welfare refers to a form of transfer payment ...
Opportunity cost, as such, is an economic concept in economic theory which is used to maximise value through better decision-making. In accounting, collecting, processing, and reporting information on activities and events that occur within an organization is referred to as the accounting cycle.