This paper aims to show how many economists have misunderstood the issues and language concerning “the commons”. First, they confuse the noun, “common property”, with the process of free and unregulated access. Second, they explain the disappearance of common-property resources as an unavoidable consequence of individual economic rationality. This process supposedly is based on Adam Smith's use of selfishness, but clearly is a misinterpretation of his basic writings. Ironically, Smith's writings, which, in toto, advocate great legal, political and moral restraint in economic action, are most commonly used to advance opposite ends. Given that planet Earth may be considered a common property, the clarification and proper use of common property issues is of the utmost importance.
Read full abstract