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Money as the Potential Cause of the Tragedy of the Commons

Author

Listed:
  • Kozo MAYUMI

    (Faculty of IAS, Tokushima University, Tokushima City 770-8502, Japan,)

  • Mario GIAMPIETRO

    (ICREA Research Professor, Institute of Environmental Science and Technology, Autonomous University of Barcelona, 08193 Cerdanyola del Vallès, Spain, Phone: +34 93 586 8770)

Abstract

This paper draws attention to the potential cause of “the tragedy of the commons”, which locks people into economic systems that compel the pursuit of self-interest and eventually bring ruin to all. The potential cause consists in numerous issues of money and money equivalents that defy the first and the second law of thermodynamics under the legal arrangement. Money has a dual nature: a form of wealth from an individual person’s perspective and a debt from a communal perspective. Money’s dual nature perfectly corresponds to the phenomena associated with the tragedy of commons that are caused by the inherent conflict between the individual’s concern with self-interest in economic welfare and the community’s concern with long term sustainability.

Suggested Citation

  • Kozo MAYUMI & Mario GIAMPIETRO, 2018. "Money as the Potential Cause of the Tragedy of the Commons," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 151-156, December.
    • Handle: RePEc:rjr:romjef:v::y:2018:i:2:p:151-156
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    File URL: http://www.ipe.ro/rjef/rjef2_18/rjef2_2018p151-156.pdf
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    Citations

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    Cited by:

    1. Ansel Renner & Herman Daly & Kozo Mayumi, 2021. "The dual nature of money: why monetary systems matter for equitable bioeconomy," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 23(4), pages 749-760, October.

    More about this item

    Keywords

    money; interest; disgregation; structural decay; functional decay; mutuum; cash credit;
    All these keywords.

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • H80 - Public Economics - - Miscellaneous Issues - - - General

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