Huntsman School Faculty Receives Prestigious Appointment to National Bureau of Economic Research usu.edu - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from usu.edu Daily Mail and Mail on Sunday newspapers.
Is the Tragedy of the Commons a Myth?
Examples from around the world showing that the popular theory often doesn t hold up present powerful implications for commons management. May 11, 2021, 8am PDT | Diana Ionescu |
The concept of the tragedy of the commons, developed in 1968 by Garrett Hardin, goes like this: humans, when left to their own devices, compete with one another for resources until the resources run out. Writing in Aeon, Michelle Nijhuis argues that this popular theory, which has since provided a temptingly simple explanation for catastrophes of all kinds, is a false and dangerous myth.
Political scientist Elinor Ostrom, who went on to win the Nobel Prize in Economic Sciences in 2009 decades after her pioneering research found examples from around the world that contradicted Hardin s hypothesis that [f]reedom in a commons brings ruin to all.
AT A GLANCE
“Why Nations Fail” author discusses the connection between inclusive institutions and economic growth, and why COVID-19 could have long-term effects on state-society relations
·MIT Economics Professor Daron Acemoglu is awarded the 2020 CME Group-MSRI Prize
Daron Acemoglu’s youth in Turkey produced early lessons on the inextricable link between economics and politics.
In September 1980, Acemoglu was living in Istanbul and had just turned 13 when the Turkish military launched a coup that overthrew the civilian government. Scenes of soldiers in the streets and a general climate of chaos and fear remain fresh in Acemoglu’s mind. One particular takeaway from that experience has informed Acemoglu’s work ever since: a society requires trustworthy, inclusive institutions if democracy is going work.
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