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Tragedy of Commons Private Public Property Rights Property Right Who owns the sea and all the resources inside Nobody ? All of us ? What is property right? Property Right Property right is an enforced right to select uses of an economic/scarce good. Resources in ocean are economic/scarce goods in the sense that more of them is preferred to less of them Classifications: Property right can be classified into two types: Private Property Right Common Property Right. Private Property Right If someone has full private property right over a good, that means he/she has the right to