Greenpeace and other protesters have for years attempted to prevent Japanese whalers from killing whales in the Southern Ocean. In 2014, the Australian government won a case against Japan in the International Court of Justice, which ruled that Japan could no longer hunt whales in the Southern Ocean. In economic terms, commercial whaling has been described as a modern example of the tragedy of the commons. Briefly explain whether you agree or disagree.
I agree.
Tragedy of common is a situation where the good is club good i.e. the goods are rival but not excludable. Here, as the whales are in the international waters so we cannot stoop anyone from going in for hunting, but as people see if they are not consuming those goods i.e. the whale someone else will makes the whales vulnerable to over hunting.
Greenpeace and other protesters have for years attempted to prevent Japanese whalers from killing whales in...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant "E" slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm...