The tragedy of the commons is another name for the failure of private property and markets to account for externalities. For a real theory of the commons without leaving mainstream economics cf. Mary Ostrom's Governing the Commons. Otherwise, all of anthropology.
The tragedy of the commons is another name for the failure of private property and markets to account for externalities. For a real theory of the commons without leaving mainstream economics cf. Mary Ostrom's Governing the Commons. Otherwise, all of anthropology.
Elinor Ostrom.
Nice podcast on some of these things: http://www.econtalk.org/archives/2009/11/boettke_on_elin.htm...
Thanks for catching that. Must have amalgamated two economists in my head.