Explain the concept of the tragedy of the commons.
Understand the Problem
The question is asking for an explanation of the tragedy of the commons, which refers to a situation in which individuals acting in their own self-interest negatively impact a shared resource, leading to its depletion. This concept highlights the conflict between individual interests and the common good.
Answer
The tragedy of the commons is a theory stating that individuals exploiting a shared, unregulated resource will ultimately deplete or ruin that resource due to self-interest.
The final answer is that the tragedy of the commons is a theory stating that individuals exploiting a shared, unregulated resource will ultimately deplete or ruin that resource due to self-interest.
Answer for screen readers
The final answer is that the tragedy of the commons is a theory stating that individuals exploiting a shared, unregulated resource will ultimately deplete or ruin that resource due to self-interest.
More Information
The term was popularized by biologist Garrett Hardin in 1968, illustrating potential outcomes if individuals prioritize personal gain over communal well-being.
Tips
Common mistakes include forgetting that the resource in question must be shared and unregulated, and focusing only on environmental examples without considering economic and social instances.
Sources
- Tragedy of the Commons - Econlib - econlib.org
- What Is the Tragedy of the Commons in Economics? - Investopedia - investopedia.com
- Explain the concept of the tragedy of commons - Study.com - study.com
