To use the example given by Harold Demsetz, one of the most notable of the modem economists telling this , when the European demand for fur hats increased demand for(and scarcity of) fur bearing animals among Indian hunters, the Indians developed a system of property entitlements to the animal habitat.
(the Indians; developed; a system of property entitlements; T:when the European demand for fur hats increased demand for(and scarcity of) fur bearing animals among Indian hunters) (the example; given; by Harold Demsetz) (the modem economists; telling; this) (fur; bearing; animals; L:among Indian hunters)
the Indians the example the modem economists fur
developed given telling bearing
a system of property entitlements T:when the European demand for fur hats increased demand for(and scarcity of) fur bearing animals among Indian hunters
by Harold Demsetz
this
animals L:among Indian hunters