Economy, asked by sumeet2980, 2 months ago

Evaluate the following paragraph and discuss how it would validate or invalidate the ‘Pacific Way’ of ‘communal’ ownership and practises towards common resources. In particular, fishing grounds. (15 marks)
“In reality, the so-called “tragedy of the commons” is neither ubiquitous nor inevitable, and individual property rights are not always the best – and never the only – institutional solution for dealing with social dilemmas. The late Elinor Ostrom, a Nobel laureate in economics, showed that human societies have built myriad creative and lasting solutions to resolve a wide range of dilemmas involving the use of common resources”. Sundaram, 2015

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Answered by santhosha9499
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