Hardly a week goes by without a major news story about the threatened destruction of a valuable natural resource. In June of 1989, for example, a New York Times article focused on the problem of overfishing in the Georges Bank about 150 miles off the New England coast. Catches of cod, flounder, and haddock are now only a quarter of what they were during the 1960s. Everyone knows that the basic problem is overfishing; however, those concerned cannot agree how to solve the problem. Congressional representatives recommend new national legislation, even though the legislation already on the books has been enforced only erratically. Representatives of the fishers argue that the fishing grounds would not be in such bad shape if the federal government had refrained from its sporadic attempts to regulate the fishery in the past. The issue in this case – and many others – is how best to limit the use of natural resources so as to ensure their long-term economic viability. Advocates of central regulation, of privatization, and of regulation by those involved have pressed their policy prescriptions in a variety of different arenas.

Similar situations occur on diverse scales ranging from small neighborhoods to the entire planet. The issues of how best to govern natural resources used by many individuals in common are no more settled in academia than in the world of politics. Some scholarly articles about the “tragedy of the commons” recommend that “the state” control most natural resources to prevent their destruction; others recommend that privatizing those resources will resolve the problem.