Daily Assignment Oct 17 - Daily Assignment#12 Market failure II common property resources Wednesday October 17 Readings The Tragedy of the Commons

Daily Assignment Oct 17 - Daily Assignment#12 Market...

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Daily Assignment #12: Market failure II: common property resources Wednesday, October 17 Readings “The Tragedy of the Commons,” Hardin (Collab) “Tragedy of the Commons,” Cochran and Malone, pp. 60-61 (Collab) Key Concepts Tragedy of the commons conflict between individual interests and the well-being of the collective; can’t be solved in a technical manner Rational egoism a person’s self-interest Collective goods consist of goods available to everyone in the general public; economic term for the public interest Guide Questions 1.What kind of government intervention might improve the outcome of the “tragedy of the commons”? What kind of government failures might interfere? 2. Based on your knowledge of market and non-market failures, evaluate the following statement from Adam Smith’s The Wealth of Nations : An individual who “intends only his own gain [is] led by an invisible hand to promote … the public interest.”
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  • Fall '11
  • Kleiman
  • The Wealth of Nations, commons, food bank, common property resources, general commons

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