Question

A. Define a common resource, and name one example of a common resource located in Arizona.

B. Explain what problem prevents efficient use of common resources.

C. List all methods for dealing with “the tragedy of the commons” that are discussed in the textbook.

D. Briefly discuss one of the methods for dealing with “the tragedy of the commons.”..

Please use text to exlpain.

Answer 1

A. A common resource is a resource like water, soil etc that provides users with tangible benefits. An example if common resource of Arizona are rocks and minerals

B. Problem that prevents efficient use of common resources is the absence of incentives to prevent the overuse and depletion of a commonly owned resource. Eg: common grazing land in villages

C. Methods for dealing with tragedy of commons are :

• Call to conscience
• Coercion
• Privatization

D. Privatization is a method for dealing with tragedy of commons

• Best way to protect commons is to privatize it
• Privatization can be done by dividing the resource system into parcels and assigning them to individuals
• It has been favoured by many economists due to its consistency with a market based approach to resource management