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by ghshephard
4562 days ago
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That's precisely the tragedy of the commons - there is no "someone else" when it comes to things like water and air pollution, so without government regulation, there is no incentive to protect the commons, only use it in a manner to maximally improve one's own economic self interest, in a manner that harms all in an aggregate manner more than the community has been benefited. It's a net-loss without some form of government regulation. |
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But, regulation is also a public good and therefore also a market failure... so you end up with regulations that harm 99% of the people, like in the case of Uber in France.