Chapter 7: Problem 7

What is the tragedy of the commons? Give an example of a common-pool resource, and describe ways of protecting such resources.

Short Answer

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The tragedy of the commons refers to the scenario when individuals deplete a shared resource by acting in their self-interest, thereby causing its ruin. An example of a common-pool resource is a fishery. It can be protected through regulation, community management, or privatization.

Step by step solution

Definition of Tragedy of the Commons

The 'Tragedy of the Commons' is an economic theory proposed by Garrett Hardin. It states that individuals, acting independently according to their self-interest, behave contrary to the common good of all users by depleting a common resource, thereby causing its ruin. For instance, overfishing in a common pond would deplete fish stocks, leaving none for future generations.

Example of a Common-Pool Resource

A common-pool resource is a type of good that is available to all members of a society and offers a lot of benefits, but it is susceptible to overuse and depletion because it is not excludable. A prime example can be a fishery. It's a common resource because the fish in the sea cannot be owned until they are caught, and anyone with the right equipment can go fishing. However, if too many fish are caught or if the marine ecosystem gets polluted, then fewer fish will be available in the future.

Ways to Protect Common-Pool Resources

1. Regulation: Authorities can impose rules to protect common-pool resources. This could involve controlling access, setting quotas or enforcing rotating use schemes. 2. Community Management: Local communities may manage resources collectively, establishing rules, and norms that restrict resource use. 3. Privatization: Converting the common resource into private property. The owner then has a long-term interest in nurturing and preserving the resource.

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What is the tragedy of the commons? Give an example of a common-pool resource, and describe ways of protecting such resources.

Short Answer

Step by step solution

Definition of Tragedy of the Commons

Example of a Common-Pool Resource

Ways to Protect Common-Pool Resources

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