What is it about?
This article explains why the market fails in many spheres in Eastern European economies. Being historically opportunistic, citizens of those countries cause markets to fall in a low-end equilibrium.
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Why is it important?
We can find alternative ways to allocate resources and perhaps borrow on models we have had previously in areas which do not seem to work well on private terms.
Perspectives
"The tragedy of the commons" is a well known metaphor for the inefficiencies and shortcomings of common, communal or public property. It becomes more and more apparent that in some societies common or communal ownership is the best way to conduct economic activities.
Dr Tamara Peneva Todorova
American University in Bulgaria
Read the Original
This page is a summary of: The tragedy of the private: transaction cost considerations, International Journal of Social Economics, June 2014, Emerald,
DOI: 10.1108/ijse-02-2011-0069.
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