Describe the tragedy of the commons

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Assignment:

In Chapter 2, Tietenberg & Lewis describe the "tragedy of the commons." The IMF article in this week's readings explains how this type of problem is an example of an "externality." What is an externality? What might be a good government policy to solve the problem of the environmental externality that leads to high greenhouse gas emissions?

Please provide your resources at the end of your post and apply these concepts to a real-world example.

Reference no: EM133919866

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