destabilizing stable economics

Tag: commons

The Tragedy of “The Tragedy of the Commons”

The Tragedy of “The Tragedy of the Commons”

How should a society manage its common-pool resources like fisheries, forests, and grasslands? The problem, as presented in an Econ 101 course, is that these systems lack the proper incentives for sustainable use. Without private property or government regulation, people inevitably overuse and exploit them. This is the “tragedy of the commons” […]