Property Rights & The Environment

“There appears then, to be some truth in the conservative dictum that everybody’s property is nobody’s property. Wealth that is free for all is valued by no one because he who is foolhardy enough to wait for its proper time of use will only find that it has been taken by another…. The fish in the sea are valueless to the fisherman, because there is no assurance that they will he there for him tomorrow if they are left behind today. ” — H. Scott Gordon, “The Economic Theory of a Common-Property Research: The Fishery”

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