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American Economic Review: Vol. 101 No. 1 (February 2011)

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The Problem of the Commons: Still Unsettled after 100 Years

Article Citation

Stavins, Robert N. 2011. "The Problem of the Commons: Still Unsettled after 100 Years." American Economic Review, 101(1): 81-108.

DOI: 10.1257/aer.101.1.81

Abstract

The problem of the commons is more important to our lives and thus more central to economics than a century ago when Katharine Coman led off the first issue of the American Economic Review. As the US and other economies have grown, the carrying capacity of the planet—in regard to natural resources and environmental quality—has become a greater concern, particularly for common-property and open-access resources. The focus of this article is on some important, unsettled problems of the commons. Within the realm of natural resources, there are special challenges associated with renewable resources, which are frequently characterized by open-access. An important example is the degradation of openaccess fisheries. Critical commons problems are also associated with environmental quality. A key contribution of economics has been the development of market-based approaches to environmental protection. These instruments are key to addressing the ultimate commons problem of the twenty-first century-global climate change. (JEL Q15, Q21, Q22, Q25, Q54)

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Authors

Stavins, Robert N. (Harvard U and Resources for the Future)

JEL Classifications

Q15: Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
Q21: Renewable Resources and Conservation: Demand and Supply (the Commons)
Q22: Renewable Resources and Conservation: Fishery; Aquaculture
Q25: Renewable Resources and Conservation: Water
Q54: Climate; Natural Disasters; Global Warming


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