The Future of the Commons: Beyond Market Failure and Government Regulations (Institute of Economic Affairs: Occasional Papers)

This short book provides a brief introduction to the work of the late Elinor Ostrom; her work is of vital importance in understanding how to manage difficult environmental problems without top-down government regulation. As Ostrom suggests, examples such as European Union fisheries illustrate the difficulties of approaching the management of common-pool resources with the mindset that government regulation can be a panacea. The monograph features a lecture given by Ostrom as well as explanations of her work, its relevance, and practical examples by other eminent authors. Important for all those with an interest in tackling environmental problems related to common-pool resources, this book tackles this area that is often ignored in mainstream economics textbooks, but is of huge practical relevance in both developed and less-developed countries.