runner.julie

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Inadequate Equilibria vs. Governance of the Commons

I taught economics for a couple of decades at a state university. When I taught about public goods, I used the label, "open access resources," for what Ostrom calls "common pool resources," and I used the example of commons pastures in England to illustrate how local customs, local regulations, and social pressure can, in combination, result in effective, equitable, and sustainable management of common resources.