Hardin's Tragedy of the Commons

Hardin's Tragedy of the Commons describes a situation where individual users sharing a common resource—like grazing land—act independently, prioritizing their own benefit. Because each person gains from using the resource, but everyone’s overuse leads to depletion or damage, the resource becomes exhausted or degraded over time. Without regulation or collective management, rational self-interest results in the deterioration of the shared resource, ultimately harming all users. It highlights the challenge of balancing individual incentives with the sustainable preservation of shared resources for future generations.