Define the Tragedy of the Commons and the Free-Rider Problem

question 67

Essay

Define the tragedy of the commons and the free-rider problem.What characteristics do these phenomena share?

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Definitions:

Difference Principle

A social and economic principle that inequalities are only justified if they benefit the most disadvantaged members of society.

Egalitarian Principle

A philosophical doctrine emphasizing equality in rights and opportunities among people.

Market-based Approach

An economic strategy that relies on market forces such as supply and demand to address issues and allocate resources.

Socialized Approach

A method or practice where resources are owned, managed, and provided by the community as a whole or by a government, often emphasizing universal access to goods and services.