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.
|Other Independent Review articles by Peter J. Hill
|Free Enterprise Environmentalism
|The Keynesian Revolution and Our Empty Economy: Were All Dead
|Judeo-Christian Thought, Classical Liberals, and Modern Egalitarianism
|[View All (6)]