The tragedy of the market or economy tragedy


The most pure and true tragedy, as argued by many, is the tragedy of the market. The market is mainly responsible for the incessant use of precious resources that Mother Nature gives us and leads to pollution and waste production on a large scale. The great dilemma of conventional economics is not recognizing the value that the Common represents in commercial activities. Generally, the traditional economy tends not to identify the hidden subsidies derivate from property market and the common goods unrecognized negative economic externalities that companies dump them. For example, consider TV and Radio companies that use and abuse the airwaves, they are clearly using a common space and paying few or nothing for it; or for instance, when governments allow in convenient way of logging companies that use the public land for the plantation of timber or allow pharmaceutical companies have a monopoly on a particular research funded with public money, the state are giving hidden subsidy. Or even when the companies exploiting mineral water, they extract freely pure waters of underground aquifers, indirectly, they are stealing something from common resources; or for instance companies that put selves’ toxic waste in rivers that are common. These externalities are a set of economic costs not paid by buyers or sellers, but transferred to the common goods. From this perspective, it can be said that it is cheaper for company to leak pollution into the atmosphere by depositing radioactive waste in the soil than clean them. These unrecognized costs of market activity are costs usually absorbed by the Commons. Thus, an economy based on common goods would lead to total cost accounting of market activity by recognizing the hidden subsidies and externalities such as environmental, social and moral. Debating the question of the Commons, let us gain a broader view of economic activity holistically. It is not fair subsidizing companies that make incalculable fortunes using what is common to all of us. Common goods also help us to understand fully the social factors, such as environmental and moral that silently subsidizes normal operation of market.
Marcos Dju


One Response to “The tragedy of the market or economy tragedy”

  1. ngoziokei Says:

    Truely the market is one of the incessant use of precious resources, which leads to pollution and waste production on a large scale. The government and companies allows these incessant use of precious resources that causes these various problems, which permits these unrecognized costs of market activities. These different problems are usually absorbed by the commons and at their cost. This is very dangerous to the communities environment, which will definitly affect their health. Furthermore, this will not yield to a balanced growth/development in the economy, political and social systems within the community.

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