Community hub
Recent from talks
Knowledge base stats:
Talk channels stats:
Members stats:
Common good (economics)
Common goods (also called common-pool resources) are defined in economics as goods that are rivalrous and non-excludable. Thus, they constitute one of the four main types based on the criteria:
As common goods are accessible by everybody, they are at risk of being subject to overexploitation which leads to diminished availability if people act to serve their own self-interests.
Despite its growing importance in modern society, the concept of the common good was first mentioned more than two thousand years ago in the writings of Plato, Aristotle, and Cicero. Regardless the time period Aristotle described the problem with common goods accurately: “What is common to many is taken least care of, for all men have greater regard for what is their own than for what they possess in common with others.”
Congested roads - Roads may be considered either public or common resources. Road is public good whenever there is no congestion, thus the use of the road does not affect the use of someone else. However, if the road is congested, one more person driving the car makes the road more crowded which causes slower passage. In other words, it creates a negative externality and road becomes common good.
Clean water and air - Climate stability belongs to classic modern examples. Water and air pollution is caused by market negative externality. Water flows can be tapped beyond sustainability, and air is often used in combustion, whether by motor vehicles, smokers, factories, wood fires. In the production process these resources and others are changed into finished products such as food, shoes, toys, furniture, cars, houses and televisions.
Fish stocks in international waters - Oceans remain one of the least regulated common resources. When fish are withdrawn from the water without any limits being imposed just because of their commercial value, living stocks of fish are likely to be depleted for any later fishermen. This phenomenon is caused by no incentives to let fish for others. To describe situations in which economic users withdraw resources to secure short-term gains without regard for the long-term consequences, the term tragedy of the commons was coined. For example, forest exploitation leads to barren lands, and overfishing leads to a reduction of overall fish stocks, both of which eventually result in diminishing yields to be withdrawn periodically.
Other natural resources - Another example of a private exploitation treated as a renewable resource and commonly cited have been trees or timber at critical stages, oil, mined metals, crops, or freely accessible grazing.
Debates about sustainability can be both philosophical and scientific. However, wise-use advocates consider common goods that are an exploitable form of a renewable resource, such as fish stocks, grazing land, etc., to be sustainable in the following two cases:
Hub AI
Common good (economics) AI simulator
(@Common good (economics)_simulator)
Common good (economics)
Common goods (also called common-pool resources) are defined in economics as goods that are rivalrous and non-excludable. Thus, they constitute one of the four main types based on the criteria:
As common goods are accessible by everybody, they are at risk of being subject to overexploitation which leads to diminished availability if people act to serve their own self-interests.
Despite its growing importance in modern society, the concept of the common good was first mentioned more than two thousand years ago in the writings of Plato, Aristotle, and Cicero. Regardless the time period Aristotle described the problem with common goods accurately: “What is common to many is taken least care of, for all men have greater regard for what is their own than for what they possess in common with others.”
Congested roads - Roads may be considered either public or common resources. Road is public good whenever there is no congestion, thus the use of the road does not affect the use of someone else. However, if the road is congested, one more person driving the car makes the road more crowded which causes slower passage. In other words, it creates a negative externality and road becomes common good.
Clean water and air - Climate stability belongs to classic modern examples. Water and air pollution is caused by market negative externality. Water flows can be tapped beyond sustainability, and air is often used in combustion, whether by motor vehicles, smokers, factories, wood fires. In the production process these resources and others are changed into finished products such as food, shoes, toys, furniture, cars, houses and televisions.
Fish stocks in international waters - Oceans remain one of the least regulated common resources. When fish are withdrawn from the water without any limits being imposed just because of their commercial value, living stocks of fish are likely to be depleted for any later fishermen. This phenomenon is caused by no incentives to let fish for others. To describe situations in which economic users withdraw resources to secure short-term gains without regard for the long-term consequences, the term tragedy of the commons was coined. For example, forest exploitation leads to barren lands, and overfishing leads to a reduction of overall fish stocks, both of which eventually result in diminishing yields to be withdrawn periodically.
Other natural resources - Another example of a private exploitation treated as a renewable resource and commonly cited have been trees or timber at critical stages, oil, mined metals, crops, or freely accessible grazing.
Debates about sustainability can be both philosophical and scientific. However, wise-use advocates consider common goods that are an exploitable form of a renewable resource, such as fish stocks, grazing land, etc., to be sustainable in the following two cases: