Wednesday, February 17, 2016

Common Tragedy

If you leave
Don't look back
I'll be running the other way

The tragedy of the commons is an extension of the rationale behind property rights. As Aristotle observed long ago, people hold what they directly own in greater regard than what is collectively owned.

This is an economic argument, not a moral one (although good moral arguments can be made). Scarce resources are best conserved and developed under conditions of private ownership.

Also add to the explanation of why socialism is an inferior choice for economic organization than capitalism.

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