Casy Study of the Tragedy of Common

In: Business and Management

Submitted By Killercat
Words 5411
Pages 22
Discussion on Tragedy of the Commons | This paper intends to discuss the basic theories within the scope of the tragedy of commons, especially from the ethics perspective. In addition, the paper also explicitly explores two possible ways to solve the tragedy of the commons, the free market solution and the socialism solution, and applies these ways to a real case of Euro’s Tragedy. In the end, referring to Elinor Ostrom’s theory in 2009, the paper recommends the collective agreement from the moral perspective to be the possible ideal solution to the tragedy of the commons. | |

1. Introduction 1
2. Formation 2
2.1 Theoretical explain of the formation 2 2.2 Hardin’s grazing model 4
3. Ethics Involved 5
3.1 Ethical Egoism Theory 5
3.2 Utilitarian Theory 5
3.3 Moral Foundation Theory, Virtue Theory and Confucius 6
3.4 Right Theory 6
4. Solutions to the Tragedy 7
4.1 Free market solution 7
4.2 Socialism solution 9
4.3 Comparison of the Two Solutions 10 4.3.1 Attitude towards self-interest 11 4.3.2 Attitude towards common resources 11 4.3.3 Government Function 11 4.3.4 Incentive structures 11 4.3.5 Outcomes 12
5. Case of Euro’s Tragedy 12
5.1 How Euro’s Tragedy Happened 13
5.2 How it related to Tragedy of the Commons 14
5.3 Free Market Capitalism Solution and the Tragedy of Euro 14
5.4 Socialism Solution and the Tragedy of Euro 15
6. A Third Solution 17
6.1 Ethical Obligation 17
6.2 Cultivating Ethics 17
6.3 Elinor Ostrom’s Theory 18
7. Conclusion 20
Bibliography 21

Tragedy of the commons is an economic issue as well as an ethical problem rising from daily life. This paper would provide a broad discussion on the tragedy of the commons and come up with some solutions to it. We would start with the introduction of the tragedy by its definition and formation, analyze the ethics involved in it, and conclude the two…...

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