Compare and contrast how incentives accompanying private property rights can both help protect and endanger the rhino, an endangered species.
Read the case study on page 27 “Protecting Endangered Species with Private Property Rights.” Write an essay 1,000-1,250 words, answering the following questions:
Economists argue that scarcity is different than poverty. To understand why many wild animals are scarce we need to look at scarcity in the context of private property. Explain how scarcity is affected by private property rights in the case study.
Compare and contrast how incentives accompanying private property rights can both help protect and endanger the rhino, an endangered species.
Be sure to cite at least three relevant scholarly sources in support of your content. These sources can include trade journals and think tank reports.
Case study….
Protecting Endangered Species with Private Property Rights.
Have you ever wondered why the wild tiger is endangered in much of the world but most cats are thriving? Or why spotted owls are threatened in the Pacific Northwest but chickens are not? Why have elephant and rhinoceros’ populations declined in number but not cattle or hogs? The incentives accompanying private ownership provide the answer. To understand why many wild animals are scarce, consider what happens with animals that provide food, most of which are privately owned. Suppose that people decided to eat less beef. Beef prices would fall, and the incentive for individuals to dedicate land and other resources to raise cattle would decline. The result would be fewer cows. The market demand for beef creates the incentive for suppliers to maintain herds of cattle and to protect them under a system of private ownership. In some ways, the rhinoceros is similar to a cow. A rhino, like a large bull in a cattle herd, may charge if disturbed. At 3,000 pounds, a charging rhino can be very dangerous to humans. Also like cattle, rhinos can be valuable to people—a single horn from a black rhino, used for artistic carvings and medicines, can sell for up to $30,000. But when hunting rhinos and selling their horns is illegal, rhinos become a favorite target of poachers—people who hunt illegally. Poachers are sometimes even assisted by local people eager to see fewer rhinos present because rhinos make life risky for humans and they also compete for food and water. However, rhinos are very different from cattle in one important respect: in most of Africa where they naturally range, private ownership of the rhino is prohibited. Since 1977, many nations have outlawed rhino hunting and forbidden the sale of rhino parts. But this approach has only made things worse for the rhino: between 1970 and 1994, the number of black rhinos declined by 95%.
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