BIOL367 Lecture Notes - Lecture 6: Gambling, Market Failure

• School: University of Alberta
• Department: Biology (Biological Sciences)
• Course: BIOL367
• Professor: Colleen St Clair

Document Summary

Be able to recognize some of the category names for threats to biodiversity. Awareness might be missing between a difference of values. Adam smith says it"s not by traditional economics. Produces "tragedy of the commons" which results in "market failure" People took what they needed and had no incentive to recognize the bigger pic. Cost of depleting that resource is shared by everyone. People had an incentive to take more than their share. The only escape from the tragedy is by mutually agreed upon portions.