Commentary “A classic problem in environmental economics is the tragedy of the commons. The solution to it lies in property rights and supply management,” said Mark Carney, governor of the Bank of England, in a speech at Lloyd’s of London in London, UK, on Sept. 29, 2015. “Climate change is the Tragedy of the Horizon,” he continued. “We don’t need an army of actuaries to tell us that the catastrophic impacts of climate change will be felt beyond the traditional horizons of most actors—imposing a cost on future generations that the current generation has no direct incentive to fix.” The phrase “tragedy of the commons” has been used in economic theory since the early 19th century to describe how individual greed depletes common goods. The solution to that irresponsibility, as Carney noted, was a combination of individual property rights and public responsibilities. This balance reflected the importance of the private and public spheres acknowledged since time immemorial. A political scientist would add that property …