It is not generally realized how little changed monetary theory and the theory and practice of monetary policy are from three-quarters of a century ago, when J.M. Keynes wrote the book that many believe marked a great divide.

Based on longitudinal data, and relying on the tragedy of the commons and the tragedy of the anti-commons theoretical frameworks, we argue: (1) groundwater permit patterns in Oklahoma are likely to contribute to the tragic overuse of groundwater resources; and (2) involvement of large and...