Common Goods (Renewable Resources)

Common good resources refers to natural resources such as fisheries, oceans, forests, clean air, and pasture, from whose consumption it is difficult to exclude others and whose use limits the consumption by others. A common resource is interpreted in terms of a stock-and-flow resource concept. The stock concept of resources refers to the amount of resources at a given point in time, while the flow concept of resources refers to the rate of depletion or consumption of resources over a period of time. Common goods are often considered a public good problem where there is a tendency for such resources to be overexploited till they are completely exhausted or nonreplenishable. The question is whether the government should implement policies to curtail the overexploitation of these ...