ECONOMICS
MARKET FAILURES
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Privatization
|
|
|
Regulations, restrictions and quotas
|
|
|
Public education
|
|
|
All of the above
|
Detailed explanation-1: -Solutions to the tragedy of the commons include the imposition of private property rights, government regulation, or the development of a collective action arrangement.
Detailed explanation-2: -Hardin’s solution was to cede our freedoms to the state, to be bound by “mutual coercion mutually agreed upon” (1). This brand of tragedy is particularly urgent today as our population and technology put more and more strain on limited nature. On the global stage, the greatest tragedy of the commons is climate change.
Detailed explanation-3: -Tragedy of the Commons Examples Among many things, pollution is caused by wastewater. As the number of households and companies increase and dump their waste into the water, the water loses its ability to clean itself. This results in water that is toxic to wildlife and the people that live around and rely on it.
Detailed explanation-4: -The Tragedy of the Commons is a story with a general lesson: when one person uses a common resource, he diminishes other people’s enjoyment of it. Because of this negative externality, common resources tend to be used excessively.
Detailed explanation-5: -Coffee Consumption. While a simple cup of coffee might seem harmless, coffee consumption is a prime example of the tragedy of the commons. Overfishing. Fast Fashion. Traffic Congestion. Groundwater Use. Finding Alternative and Sustainable Products. Preventing Overconsumption. 06-Feb-2019