Suchergebnisse

The central concepts governing resources- allocation in the United States have historically been private property, freedom of exchange, and competition. The social engine built on these concepts has produced rapid exploita tion of resources and rapidly rising per capita income in the United States. In recent years, however, resources which cannot readily be reduced to private ownership have become rapidly more important, and they are being overused and mis used. The pollution of such "common property" resources as water and the air mantle is inherent in an economic system such as ours, once a certain stage of economic development is reached. To deal successfully and efficiently with these prob lems will require designing new governmental institutions and, especially, altering our system of incentives in such a way that the value of common property resources is reflected in market-type decisions.

Private property, freedom of exchange & competition have traditionally been the concepts governing resource allocation in the US. The soc momentum as the result of these concepts has produced rapid exploitation of resources coupled with rapid increase in per capita income. Recently, resources which cannot be reduced to private property have become more influential & are being overused & misused. The pollution of these 'common property' resources, such as water & the air mantle, is inherent at the present econ stage of development of an econ system such as that of the US. To deal successfully with these problems requires designing new gov'al instit's, & altering our system of incentives such that the value of common property is reflected in market type decisions. Modified HA.