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A well-known assessment device developed by Murray is the
Negative Externality
A cost suffered by a third party as a consequence of an economic transaction in which they were not involved.
Common Resource
A resource like air or water, that provides users with tangible benefits but is difficult to exclude nonpaying users from consuming or depleting.
Publicly Owned
A description for businesses or assets owned by the government or the public sector, often emphasizing their accountability and service to the public rather than profit motive.
Tragedy of the Commons
A situation where individual users, acting independently according to their own self-interest, deplete or spoil shared resources, leading to overall degradation.
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