Next time you find yourself stuck on a congested motorway system you can console yourself with the thought that economists have a name for your predicament - they call it "The Tragedy of the Commons". Villagers in 14th century England grazed their cattle on common pasture. Unfortunately, as population levels rose, this common pasture became over-grazed to destruction because there was no incentive for individual householders to stop grazing their animals, even when it was clear the pasture was being destroyed. Today, booming car ownership is undermining the utility of our roads as surely as hungry cattle ruined the commons. English pasture land was eventually saved by enclosure. Today, our roads need a similar break with the principle of unfettered access in the form of economic signals that discourage motorists from trying to add yet more cars to an already congested system. In short, we need demand-management by road pricing.
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