The tragedy of the commons explains what happens when natural resources are exploited by one party to the detriment of all others. The free market dictates that something that is owned by no one, will have it’s price set by the market. However this is pretty flawed. The reason for it is explained here… with Smurfs. Smurf this link.
"The fact that Smurfs don’t belong to anybody means they belong to everybody"
