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|
|Summer 2017||Judeo-Christian Thought, Classical Liberals, and Modern Egalitarianism|
|Winter 2014||Stories Economists Tell|
|Winter 2010||Are Economists Basically Immoral?|
|[View All (5)]|