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The Tragedy of the Commons as a Market Failure
Рет қаралды 28,750
12 жыл бұрынIn this video lesson the market failure of common access resources is explained and applied to three such resources being depleted in an unsustainable manner by the world's people today: fish in the seas, trees from the forests and air in our atmosphere.
Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! econclassroom.c...
@JasonWelker 12 жыл бұрын
Who determines how property rights are to be established and protected? The market does not include a mechanism for determining property rights, since their establishment and protection requires action from some institution, which in most cases is 'government'. The establishment of property rights is a government response to the market failure of common access resources. Look at fishing permits, carbon credits, drilling rights for oil... examples of government establishing property rights...
@Wokenification 12 жыл бұрын
Your videos are very relevant to my syllabus. Much thanks to the vivid explanation which cleared much of my doubts in a short period of time. Good to review before my test ThankYou!
@sutekhthedestroyer6412 7 жыл бұрын
Have my children
@jackhayward5961 5 жыл бұрын
Thank you Jason very cool
@JasonWelker 12 жыл бұрын
There are resources over which property rights are clearly present. "yourself", as you say, and your personal property. But a common access resource, by definition, is one over which there are no clearly defined property rights. How can you claim that anyone owned the earth's atmosphere or the resources in the sea? Justify, please.
Institute of Economic Affairs
Рет қаралды 17 М.