The article argues that when studying natural resources and the environment, we should focus more on property rights and transaction costs rather than just externalities. It suggests that looking at things like who owns what and the costs of making deals can help us understand how to handle environmental problems better. The researchers believe that not having clear property rights leads to ignoring social costs. By using a viewpoint influenced by Coase (a famous economist), we can pay more attention to how property rights change, affect costs, and impact finding solutions to reduce social expenses.