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ACQUISITION OF ORIGINAL PROPERTY RIGHTS – “FIRST IN TIME”

    Tragedy of the Commons: The basic idea is that communal ownership may sometimes lead to over-consumption of scarce resources. This is because the benefit to one individual consuming the resource is enjoyed wholly by that individual, whereas the cost is borne by all members of the community (and is thus the cost is an “externality” for the consuming individual). Some posit that at some point, private property rights will develop to address the shortcomings of communal ownership.

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