The tragedy of the commons illustrates resource depletion from "summary" of The Economic Naturalist by Robert H. Frank
The tragedy of the commons is a concept that vividly illustrates the issue of resource depletion. It highlights how individuals, acting in their self-interest, can collectively deplete a commonly shared resource. Imagine a pasture that is open to all herders in a community. Each herder wants to maximize the number of animals they graze on the pasture to benefit themselves. However, as more and more herders introduce additional animals to the pasture, the resource becomes overexploited, leading to depletion. This situation arises because each herder is focused on their own individual gain without considering the impact of their actions on the overall resource. In this scenario, the rational choice for each herder is to add more animals to the pasture to derive maximum benefit. However, when every herder follows this logic, the pasture becomes overgrazed, resulting in a tragedy for all. The tragedy of the commons serves as a caution...
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