The near extermination of the North American bison is widely viewed as a case of the overuse of an open-access resourcea classic example of the tragedy of the commons. This tragic view, however, ignores the rising opportunity cost of grasslands that could support a more commercially viable commodity: cattle.
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|Other Independent Review articles by Peter J. Hill|
|Winter 2014||Stories Economists Tell: Studies in Christianity and Economics|
|Winter 2010||Are Economists Basically Immoral? and Other Essays on Economics, Ethics, and Religion|
|Winter 1997||Market-Based Environmentalism and the Free Market: Substitutes or Compliments?|