We will be closed between Friday 29th March and Monday 1st April for the Easter Bank Holidays, reopening at 8.30am on Tuesday 2nd April. Any orders received during this period will be processed with when we re-open.
Since the writings of Adam Smith, economists have understood the important role that private property rights play in a well functioning economic system. Without well-defined, enforced and transferable property rights, the tragedy of the commons is said to result, as in the classic case of over-fishing and over-grazing. This book challenges this narrow view of property rights by examining the role of informal constraints imposed by customs and culture. Recognising that a great deal of human interaction takes place in the absence of individually specified rights, the authors challenge the notion that a tragic outcome is inevitable with regard to commons.