Jul 21, 2017 Research papers

What government action do other students believe can have the greatest outcome when negative externalities are present?

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Explain the Concept of the Tragedy of the Commons

INSTRUCTIONS:

Please read each discussion and reply. Please keep them separate. I have included the topic in which they essays are written on. In addition to other comments you may have, address the following in your response posts:



What government action do other students believe can have the greatest outcome when negative externalities are present?

Brainstorm possible methods for avoiding the tragedy of the commons in a free-market economy.



Use any personal experience, if appropriate, to help support or debate other students` posts. If differences of opinion occur, debate the issues professionally and provide examples to support your opinions.



Topic:Discuss the tragedy of the commons in a free-market economy. Address the following in your response:



Explain the concept of the tragedy of the commons

Can it be avoided in a true free-market economy? Why or why not?

Identify three government actions that you believe can have a positive, efficient outcome in the midst of negative externalities.

Is government intervention necessary to prevent the depletion of shared resources? Why or why not? What other methods can be implemented to help manage the situation?



Response 1: The tragedy of commons is an economic problem in which each individual tries to get the greatest benefit from any given resource. As the demand for the resource overwhelms the supply, each individual who can consume additional unit directly harms others who cannot enjoy the benefits. Tragedy of the commons cannot be avoided in a true free-market economy because Externalities are common everywhere in our everyday life. And we as producers and consumers are affected by government policies and strategies designed to promote environmental protection and improvement. There has to be a goal to define property rights in all natural resources in order to avoid the tragedy of the commons.



Three government actions that can have positive, efficient outcome in the midst of negative externalities are education this can increase societal, incentive to find technology that can reduce pollution, and research and development. Government intervention is necessary to prevent the depletion of shared resources because they can increase economic efficiency, when markets inefficiently allocate resources. The government also need to intervene to ensure those resources are not depleted.



Response 2: The tragedy of the commons created by Garrett Hardin, is a concept which can be traced back to Adam Smith. It refers to a situation where individuals or private economic agents exploit scarce and rival common environmental resources for their own rational, self-interested aims, leading to over-production and the possible permanent depletion of the resource for all.



Hardin’s argument was widely accepted by economists and free-market enthusiasts. The solution to the dilemma, it seemed obvious, was privatization,



Successful management of the commons will always be more likely at the smaller scale, where the impacts are visual and obvious, and where cooperation and negotiation is easier.

CONTENT:

Discussion 9 Name Institutional affiliation Course Date Response 1 In the first response, the writer indicates that the tragedy of commons cannot be avoided in a free market due to the existence of externalities in the economy. However, the writer was able to suggest three government actions which can be used to curb negative externalities. One of the government actions highlighted is education. Education is one of the key actions that a

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