The tragedy of the commons Flashcards
1
Q
What is the tragedy of the commons?
A
The overuse of common resources
2
Q
Why can the pursuit of self-interest be seen as bad for social efficiency?
A
It can lead to the long term degredation of resources, potentially causing it to become irretrievably damaged
3
Q
What is the tragedy of the commons usually caused by?
A
A lack of property rights, as this means the government/community can’t protect the resources
4
Q
What do many say the best solution to the tragedy of the commons is?
A
Privatisation of natural resources
