Question

In: Economics

Compare and contrast the two ideas: Garrett Hardin’s Tragedy of the Commons versus Adam Smith’s invisible...

Compare and contrast the two ideas: Garrett Hardin’s Tragedy of the Commons versus Adam Smith’s invisible hand.

Solutions

Expert Solution

The tragedy of the commons : natural resources are not ones property or inheritance , but it's for all commons. But now a days people are using them like they are only for them only. So they uses them in ineffective, inefficient way and thus led to waste of resources or not optimum and inequal use by people.. This theory called such resources as common or shared resources.Thus this called as tragedy of Commons.

The invisible hand..This concept based on free market strategy and thus focus on demand and supply to attain equilibrium.market force of demand supply bhave such ability to attain equilibrium by using factor of production and services.

This theory is mainly focused on more and more use of resources as they are accept resources as their own or private (not in control of government) ,while upper one Theory is focussed more on effective vuse of resources as they are shared or commons.

Rahul Sunny answered 1 year ago
Next > < Previous

Related Solutions

1. Contrast and compare Adam Smith’s and the mercantilist’s views on the nature and causes of...
1. Contrast and compare Adam Smith’s and the mercantilist’s views on the nature and causes of the wealth of nation, and on the role of government?
Garrett Hardin's economics theory, The tragedy of the commons, cites dilemmas that occur when individuals act...
Garrett Hardin's economics theory, The tragedy of the commons, cites dilemmas that occur when individuals act out of their own self interest and deplete common resources needed by others. Identify and discuss current examples of this economic theory.
Adam Smith’s “invisible hand” is based on the premise that: A) Everyone’s pursuit of their self-interest...
Adam Smith’s “invisible hand” is based on the premise that: A) Everyone’s pursuit of their self-interest will create the most efficient allocation of economic resources both in production and for consumption B) Producers try to obtain a competitive advantage and maximum profits C) Consumers try to obtain the lowest price for value received D) All of the Above
Adam Smith’s basic claim was : “The free market system is like an invisible hand that...
Adam Smith’s basic claim was : “The free market system is like an invisible hand that can obtrusively coordinate the behaviour of a multitude of individuals, interested only in maximizing their own selfish utility, so as to bring about efficiency and a socially optimal outcome.” Critically evaluating the concept of economic efficiency, discuss the above statement.
Adam Smith’s basic claim was : “The free market system is like an invisible hand that...
Adam Smith’s basic claim was : “The free market system is like an invisible hand that can obtrusively coordinate the behaviour of a multitude of individuals, interested only in maximizing their own selfish utility, so as to bring about efficiency and a socially optimal outcome.” Critically evaluating the concept of economic efficiency, discuss the above statement.
Adam Smith’s Theory of the Invisible Hand is often used to justify a hands-off approach to...
Adam Smith’s Theory of the Invisible Hand is often used to justify a hands-off approach to market activity. Can you give an example where government intervention in a market led to an inefficient outcome? How about an example where government intervention improved the outcome?
What’s good about allowing society to follow Adam Smith’s Invisible Hand? In that spirit, people can...
What’s good about allowing society to follow Adam Smith’s Invisible Hand? In that spirit, people can judge for themselves how much they risk from being exposed to COVID-19, so why should government get involved with shutting down businesses? Why not let individuals make their own choices?
What’s good about allowing society to follow Adam Smith’s Invisible Hand? In that spirit, people can...
What’s good about allowing society to follow Adam Smith’s Invisible Hand? In that spirit, people can judge for themselves how much they risk from being exposed to COVID-19, so why should the government get involved with shutting down businesses? Why not let individuals make their own choices?
How does Adam Smith’s ”Invisible Hand” guide individuals to act in a socially responsible manner? What...
How does Adam Smith’s ”Invisible Hand” guide individuals to act in a socially responsible manner? What are the practical problems with this theory?
According to Adam Smith’s Invisible Hand Theory involving specialization and division of labor, People specialize where...
According to Adam Smith’s Invisible Hand Theory involving specialization and division of labor, People specialize where opportunity costs are at a maximum. People specialize where their opportunity costs are lowest. People do not specialize. People specialize in the activity that pays the highest wage. People specialize in the activity that they enjoy the most, no matter what the salary is.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT