Free Republic

My favorite economics professor tells a story about a group of college students that share a refrigerator. The refrigerator often runs out of food because the students are more interested in eating the food than stocking it. The dishes in the sink tend to pile up. These are classic cases of overconsumption and underinvestment when there are not exclusive property rights, a problem economists call the “Tragedy of the Commons”.

Since the inception of the Outer Space Treaty of 1967, international law regarding the use of outer space by nations and individuals has been dominated by the res communis doctrine, the concept that space belongs to mankind and not to one individual or country. While the doctrine is a noble one and is likely the offspring of the political and economic environment of the time, strides in technology as well as the evolution of the socio-political and economic environment makes the treaty more of a hindrance than a safeguard. The fact is that although some of the principles espoused by...

I’d like to commend Sam Dinkin for his excellent recent article (See “US public land policy and applications for the Moon and Mars”, The Space Review, July 26, 2004.) Mr. Dinkin is certainly correct that land ownership could, and should, be “used to pursue the goal of getting settlers to the frontier as quickly as possible to help develop and secure it.” But, unfortunately, there are several serious flaws in his plan to have the US auction off lunar land for it’s own financial benefit.