- Read M. Lee (2006) p477-482 “Environmental Harm as a Market Failure”
- Read B. Andrew (2008)
- Watch a short video explain externality https://www.youtube.com/watch?v=CuJ4E1UMk3c
- Watch video “Tragedy of Commons” https://drive.google.com/open?id=1t4auSQzZreTmpH7d…
For this week’s group assignment, you will be discussing the profounding environmental issues in economics, namely “Market failure, externality, and the tragedy of the commons”.
. Answers should be posted to this discussion board for my review:
1. How’s the group member encountered externality issue in daily lives? Please give examples from both positive and negative aspects.
2. What do you think are the important factors that make it easier or more difficult to manage a commons?
3. With the last question in mind, why is it so difficult to deal with climate change in the human social-economic realm (a classic tragedy of the commons issue)?