The Tragedy of the Commons

The Tragedy of the Commons refers to a situation where shared resources, like air, water, or pasture land, are overused and depleted because individuals act in their own self-interest rather than considering the collective good. Each person benefits from using more of the resource, but if everyone does this, the resource becomes insufficient or damaged. This concept highlights the conflict between individual needs and the long-term sustainability of communal resources, emphasizing the importance of cooperative management and regulation to ensure that shared assets remain available for everyone.