Tim Worstall at TCS: Tech Central Station reports the “shocking and almost unbelievable” news
1,300 scientists from 95 countries, working under the auspices of the United Nations, seem to have drunk the free market Kool-Aid. The end result of this years-long investigation is that us free market tree hugger and greenie types are actually correct in our contention that it is not the presence of markets, or the failure of markets, that leads to the devastation, it is the absence of markets. Just as we have had to, in centuries gone by, work out a system of laws that allows markets to flourish, thereby leading to the most efficient usage of resources, so now the task is to do the same for those areas of life where there are no markets. In water, pollution, fishing quotas, tropical forestry, in, in fact, all those sectors where we face the Tragedy of the Commons.