Are All Commons Tragedies?
The Case of Bison in the Nineteenth Century
By Peter J. Hill
This article appeared in the Spring 2014 issue of The Independent Review
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?|
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