However, as the number of ranchers and their herds grew the range could not feed all the cattle. Eventually the range grass on which the herds foraged was stripped away and was not regenerated. Most ranchers' herds become malnourished and many died off. Freedom in a commons brings ruin to all. The debate between free-marketers and regulators reinforces the significance of distinguishing between private and public goods.
Many governments still own their nations' telephone service.
Free market economists predict the market will operate efficiently when buyers and sellers are well-informed. However, information is costly in the real world and participants have varying abilities to effectively process and use their information. For example, employees often have incomplete information about workplace hazards or pollution. With more perfect information, employees might demand higher wages or pressure politicians for enhanced safety protection. This reality of imperfect information in most markets has triggered political pressures for disclosure regulations such as the food and drug labeling laws.