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Unformatted text preview: addressed. The tragedy of the commons: Garrett Hardin argued against the invisible hand, arguing that when dealing with collective goods, individual rationality would cause more damage to a collective good. The story he tells is of a group of shepherds who all graze their flock on a common pasture. Each shepherd is a rational self-interested individual he has an economic interest in increasing the size of his flock. As each shepherd does this, each flock requires more land in the pasture. Over time, according to Hardin, the pasture will be depleted. Because the pasture is a freely accessible collective good, no single individual takes responsibility for its upkeep as a result, all of them take from the commons, but put nothing back. The invisible hand cannot resolve this problem it requires collective action....
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This note was uploaded on 11/27/2011 for the course POLISCI 1003 taught by Professor Olson during the Fall '11 term at GWU.
- Fall '11
- International Relations