Economics · History of Economic Thought and Environmental Economics
Arrange the following economic theories and milestones related to externalities and common resources in chronological order (from earliest to latest): 1. Awarding of the Nobel Memorial Prize in Economic Sciences to Elinor Ostrom for common pool resource governance 2. Development of the communal governance model as an alternative to state control and privatization 3. Publication of Garrett Hardin's 'The Tragedy of the Commons' 4. Formulation of Ronald Coase's theory on property rights and transaction costs (Coase Theorem) 5. Arthur Pigou's proposal of corrective taxes (Pigouvian taxes) for externalities
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- 15, 3, 4, 2, 1
- 23, 5, 4, 2, 1
- 35, 4, 3, 2, 1✓
- 44, 5, 3, 2, 1
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5, 4, 3, 2, 1
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