Published on 26 Jun 2015
In this video, we take a look at common goods. Common resources are nonexcludable but rival. For instance, no one can be excluded from fishing for tuna, but they are rival — for every tuna caught, there is one less for everyone else. Nonexcludable but rival resources often lead to what we call a “tragedy of the commons.” In the case of tuna, this means the collapse of the fishing stock. Under a tragedy of the commons, a resource is often overused and under-maintained. Why does this happen? And how can we solve this problem? Like we’ve done so many times throughout this course, let’s take a look at the incentives at play. We also discuss Nobel Prize Winner Elinor Ostrom’s contributions to this topic.
August 24, 2016
The Tragedy of the Commons
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QotD: The Greatest Generation and the Baby Boomers
Looking back, I think my parents had more fun than I did.
That’s not how it was supposed to be. My parents belonged to the Greatest Generation; they grew up in hard times. My mom was born in Colorado in an actual sod hut, which is the kind of structure you see in old black-and-white photographs featuring poor, gaunt, prairie-dwelling people standing in front of what is either a small house or a large cow pie, staring grimly at the camera with the look of people who are thinking that their only hope of survival might be to eat the photographer. A sod hut is basically a house made out of compressed dirt. If you were to thoroughly vacuum one, it would cease to exist.
My mom, like my dad, and millions of other members of the Greatest Generation, had to contend with real adversity: the Great Depression, the Dust Bowl, hunger, poverty, disease, World War II, extremely low-fi 78 r.p.m. records and telephones that — incredible as it sounds today — could not even shoot video.
They managed to overcome those hardships and take America to unprecedented levels of productivity and power, which is why they truly are a great generation. But they aren’t generally considered to be a fun generation. That was supposed to be their children — my generation, the baby boomers.
We grew up in a far easier time, a time when sod was strictly for lawns. We came of age in the ’60s and ’70s, the era of sex, drugs and rock ’n’ roll. We were cool, we were hip, we were groovy, man. We mocked the suit-wearing Establishment squares grubbing for money in their 9-to-5 jobs. We lived in communes. We went to Woodstock. We wore bell-bottom trousers, and we did not wear them ironically.
Dave Barry, “The Greatest (Party) Generation”, Wall Street Journal, 2015-02-26.
