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Clare Brown Walter E. Block
What is common to many is taken least care of, for all men have a greater regard for what is their own than for what they possess in common with others.” This insight was offered by Aristotle in the 4th century BC,1 and indicates why the tragedy of the commons2 is indeed a disaster: lack of private ownership almost inevitably leads to a misallocation of resources. The tragedy of the commons is responsible for many, if not all, of the environmental problems concerning natural resource preservation that we face in modern society. And yet, the predominating kinds of solutions proposed to solve these problems involve increased government regulation—effectively expanding the scope of the very tragedy of the commons which lies at the heart of the problem in the first place.
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