Open Access and Environmental Externalities

Description

All environmental problems and most natural resource problems are really problems of open access. In this video , Gary Libecap, Distinguished Professor at the University of California, Santa Barbara, summarizes the problems of open access, and explains why traditional solutions, such as regulation or taxation, do not always work effectively.

References

Pigou, A. C. (1920). The Economics of Welfare. London: Macmillan.