> Unfortunately, no one owns the oceans i.e. it's part of the commons. It has often been used as an example of such, because despoiling a resource still reduce

> Unfortunately, no one owns the oceans i.e. it's part of the commons. It has often been used as an example of such, because despoiling a resource still reduces supply just like direct depletion does. > the normal ways for resolving externalities don't work without an aggrieved property owner That is exactly what TotC is about. Even if one could split hairs about what's TotC vs. some other kind of externality, the fact remains that the dynamics are the same. In light of your own last sentence, do you disagree with GP's point that regulation is the necessary answer?