How does one manage a resource
that formally does not belong to
anyone?
0.st policy recommendation:
conversion of common resources
to private property like Coase
Theorem. the owner should have
both the profi t incentives and the
protection of property rights to
manage the entire resource
responsibly.
0.nd policy recommendation:
0
Market Failure : Property Rights And Contract
Enforcement : Tragedy of Commons
0.rd way: 0000 Nobel
Prize-winning
economist Elinor
Ostrom: utilization of
community social
capital to devise
creative and effective
local solutions. She
documented
empirically by drawing
on many cases from
around the world