What is the Tragedy of the Commons?
- The tragedy of the commons is the depletion of a common resource due to overuse.
How Do I Remember It?
- Think of the “Tragedy of the Commons” as a cautionary tale about the unfortunate consequences of neglecting shared resources. It’s like a sad story where everyone loses when individuals prioritize their own interests over the well-being of the community’s resources.
Real World Example
- An example of the tragedy of the commons is overfishing in the oceans. Fishermen often have incentives to catch as many fish as possible to maximize their profits, but if all fishermen do the same, it can lead to the depletion of fish stocks and the collapse of fisheries, harming both present and future generations of fishermen.
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