Letters to the Editor
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Tragedy of the Commons
It seems that our economic models are limiting us when it comes to situations of common goods (like ocean resources). We value a good based simply on the immediate cost of harvesting it. We don't consider scarcity or the value to future generations (or even future harvests).
How do current economic models capture long-term sustainability?
Why do we extrapolate the supply-demand models, from determining the best instantaneous price, to generating the best possible economic benefit for all, for all generations?