Humans abuse the oceans. It is predicted that by 2050, overfishing, dumping waste, and heat from greenhouse-gas emissions will have destroyed most of the coral reefs and resulted in the oceans containing more plastic than fish.

Without defined property rights, self-interest wins and the social interest loses.

Explain why the abuse of the oceans is a tragedy of the commons and how the assignment and enforcement of property rights in the oceans could improve the use of this natural resource.