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The Problem of the Commons: Still Unsettled After 100 Years

  • Robert N. Stavins

The problem of the commons is more important to our lives and thus more central to economics than a century ago when Katharine Coman led off the first issue of the American Economic Review. As the U.S. and other economies have grown, the carrying-capacity of the planet -- in regard to natural resources and environmental quality -- has become a greater concern, particularly for common-property and open-access resources. The focus of this article is on some important, unsettled problems of the commons. Within the realm of natural resources, there are special challenges associated with renewable resources, which are frequently characterized by open-access. An important example is the degradation of open-access fisheries. Critical commons problems are also associated with environmental quality. A key contribution of economics has been the development of market-based approaches to environmental protection. These instruments are key to addressing the ultimate commons problem of the twenty-first century -- global climate change

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 16403.

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Date of creation: Sep 2010
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Publication status: published as Robert N. Stavins, 2011. "The Problem of the Commons: Still Unsettled after 100 Years," American Economic Review, American Economic Association, vol. 101(1), pages 81-108, February.
Handle: RePEc:nbr:nberwo:16403
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