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The economics of common property resources: a dynamic formulation of the fisheries problem

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  • Partha Dasgupta

    (University of Cambridge)

Abstract

“Picture a pasture open to all. It is to be expected that each herdsman will try to keep as many cattle as possible on the commons … As a rational being, each herdsman seeks to maximize his gain. Explicitly or implicitly, more or less consciously, he asks, “What is the utility to me of adding one more animal to my herd?” … Adding together the component partial utilities, the rational herdsman concludes that the only sensible course for him to pursue is to add another animal to his herd. And another; and another … But this is the conclusion reached by each and every rational herdsman sharing a commons. Therein is the tragedy. Each man is locked into a system that compels him to increase his herd without limit—in a world that is limited. Ruin is the destination toward which all men rush, each pursuing his own best interest in a society that believes in the freedom of the commons. Freedom in the commons brings ruin to all.” Garrett Hardin “The Tragedy of the Commons”, Science, Vol. 162 (December 13, 1968)

Suggested Citation

  • Partha Dasgupta, 2019. "The economics of common property resources: a dynamic formulation of the fisheries problem," Indian Economic Review, Springer, vol. 54(1), pages 19-44, December.
    • Handle: RePEc:spr:inecre:v:54:y:2019:i:1:d:10.1007_s41775-019-00068-z
    DOI: 10.1007/s41775-019-00068-z
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    References listed on IDEAS

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    1. Brown, Gardner, Jr, 1974. "An Optimal Program for Managing Common Property Resources with Congestion Externalities," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 163-173, Jan.-Feb..
    2. Cohen, Jon S. & Weitzman, Martin L., 1975. "A Marxian model of enclosures," Journal of Development Economics, Elsevier, vol. 1(4), pages 287-336, November.
    3. Spence, A Michael & Starrett, David, 1975. "Most Rapid Approach Paths in Accumulation Problems," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 388-403, June.
    4. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62(2), pages 124-124.
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    Cited by:

    1. Wen-Kuo Chen & Venkateswarlu Nalluri & Man-Li Lin & Ching-Torng Lin, 2021. "Identifying Decisive Socio-Political Sustainability Barriers in the Supply Chain of Banking Sector in India: Causality Analysis Using ISM and MICMAC," Mathematics, MDPI, vol. 9(3), pages 1-23, January.

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