The Tragedy of the Commons as a Market Failure

In this video lesson the market failure of common access resources is explained and applied to three such resources being depleted in an unsustainable manner by the world's people today: fish in the seas, trees from the forests and air in our atmosphere.
Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! econclassroom.com/?page_id=5870

[@JasonWelker]

Who determines how property rights are to be established and protected? The market does not include a mechanism for determining property rights, since their establishment and protection requires action from some institution, which in most cases is 'government'. The establishment of property rights is a government response to the market failure of common access resources. Look at fishing permits, carbon credits, drilling rights for oil... examples of government establishing property rights...

[@Wokenification]

Your videos are very relevant to my syllabus. Much thanks to the vivid explanation which cleared much of my doubts in a short period of time. Good to review before my test ThankYou!

[@sutekhthedestroyer6412]

Have my children

[@jackhayward5961]

Thank you Jason very cool

[@JasonWelker]

There are resources over which property rights are clearly present. "yourself", as you say, and your personal property. But a common access resource, by definition, is one over which there are no clearly defined property rights. How can you claim that anyone owned the earth's atmosphere or the resources in the sea? Justify, please.