The near extermination of the North American bison is widely viewed as a case of the overuse of an open-access resource—a 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
    Summer 2017   Judeo-Christian Thought, Classical Liberals, and Modern Egalitarianism
    Winter 2014   Stories Economists Tell
    Winter 2010   “Are Economists Basically Immoral?”
[View All (5)]