"The Economics of Collective Action"

"The Economics of Collective Action" refers to the study of how individuals in a group can work together to achieve common goals, despite their individual interests often being at odds. The theory highlights challenges like coordination, the 'free-rider' problem—where some benefit from group efforts without contributing—and how to motivate participation. It emphasizes that effective solutions often require leadership, incentives, or rules to align individual actions with collective goals, making it essential for community projects, political movements, and resource management, ensuring the benefits are shared fairly among all participants.