Conclusion
Overall, Lloyd's methodology has been described as realist and as conceptually distinct from both Ricardo and Malthus (see Moore and White 2009: 40), and his work on value as placing him in the utility school (see Roll 1938 [1989]: 339).
Given the greater recognition awarded to him today, it is worth noting that Lloyd had no separate entry in the original nineteenth-century edition of the Palgrave Dictionary of Political Economy. Neither was he listed at all in its index, although Lloyd was mentioned in an “appendix” to a later corrected version of this edition (see Moore and White 2009: 40). However, he certainly did receive his own entry in the most recent edition of the Palgrave Dictionary and he was also listed in the index (see Gordon 2008: 170-171). Lloyd's ideas on the tragedy of the commons are now even discussed in technology publications such as Wired (see Highfield 2018).In addition, the latest version of the Palgrave Dictionary also contained an entry entitled “Tragedy of the Commons”, which related that ‘Hardin's [1968] article is one of the most cited publications of recent times', although bizarrely, W.F. Lloyd is not mentioned in it at all (Ostrom 2008: 360). The fact that Lloyd's rediscovery was nearly a full century after he first published his various lectures suggests that he was not particularly influential across the remainder of the nineteenth century as a whole.
That was undoubtedly true, but the fact that his ideas about the dangers of the overuse of commonly held property have more recently become a key part of wider environmental concerns more than makes up for this neglect, and this in turn signifies Lloyd's real and lasting importance. This importance is further demonstrated by the fact that Elinor Ostrom was awarded the Nobel Prize in Economics in 2009 chiefly for her book entitled Governing the Commons: The Evolution of Institutions for Collective Action, which illustrated how some particular communities willingly cooperate in order to protect resources that are held in common (Ostrom 1991).
Ostrom argued that real- world situations were often far more complex than either Lloyd or Hardin allowed, and that even when governments attempt to regulate or control commonly held assets, resource over-depletion can still sometimes occur. One part of the solution proposed by Ostrom was to facilitate greater communication amongst users so as to assist them in reaching collective solutions by themselves while another part was the establishment of clear and effectively enforced boundary rules regarding rights and responsibilities (Ostrom 2008: 361-362).Given that wider environmental concerns about the state of planet Earth are now some of the most difficult and pressing problems facing human beings in the early twenty-first century, the significance of Lloyd's initial nineteenthcentury articulation of the problem of “the tragedy of the commons” in his Two Lectures on the Checks to Population of 1833 cannot now be overestimated.
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