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And so problems like climate change can be seen as a problem where we insist that things be handled collectively, where we then run into a tragedy of the common
by CWuestefeld 9y ago
And so problems like climate change can be seen as a problem where we insist that things be handled collectively, where we then run into a tragedy of the commons. If our property rights model allowed for ownership of the atmosphere in some fashion, then there would be some aggrieved party who could get restitution from polluters, thus eliminating the externality that messes up our current system.
- nickik 9y agoSadly property right economics will not be helpful for climate change by itself, that's more about local resource management. Constitutional economics could have some insights into how to set up a group of nations working together on a common solution.