The tragedy of the commons must be addressed from "summary" of Economics of the Environment by Robert N. Stavins
The tragedy of the commons refers to a situation in which individuals, acting in their own self-interest, deplete a shared resource to the detriment of the group as a whole. This concept, first articulated by Garrett Hardin in 1968, highlights the inherent conflict between individual incentives and collective well-being. When resources are held in common, there is a tendency for individuals to exploit them without considering the long-term consequences for the group. This dilemma arises in a variety of contexts, from overfishing in the oceans to pollution of the air and water. In the absence of effective management, individuals have little incentive to conserve resources for the benefit of all. Instead, they are motivated to maximize their own short-term gains, even if it leads to the de...
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