Consider the following problems: overcrowded public highways,overfishing in the ocean,polluted air,and the near-extinction of the wild rhinoceros.What do these problems all have in common
A)Private markets could easily solve them if governments let the markets function on their own.
B)They would all go away if an intensive public-information campaign was made.
C)They are all the result of a failure to establish clear property rights over something of value.
D)They are all the necessary result of market economies.

Question

Quizplus · Accepted Answer

All these problems are the result of a lack of clear property rights. Overcrowding on public highways occurs because roads are free to use, and therefore people use them excessively without considering others' interests. Overfishing occurs because there are no clear property rights over the fish in the ocean. Polluted air is the result of a lack of property rights over the atmosphere, and the near-extinction of the wild rhinoceros is the result of the absence of property rights over the land where they live. Therefore, establishing property rights could help solve these problems.

Consider the Following Problems: Overcrowded Public Highways,overfishing in the Ocean,polluted