RESOURCE MANAGEMENT, SUSTAINABILITY AND PROPERTY RIGHTS IN NEW ZEALAND
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Sustainable land management objectives in New Zealand have recently been redefined in the Resource Management Act 1991. The new legislative framework can be viewed in part as an adjustment in existing property rights to meet resource use externalities. An understanding of the structure and characteristics of property rights in land clarifies a number of issues in the area of economic efficiency and administrative practicality, and focusses on areas where appropriate solutions to externalities may be difficult to achieve.