The Tragedy of the Commons (theory)

The Tragedy of the Commons is a concept that illustrates how individuals, acting in their own self-interest, can collectively harm shared resources. Imagine a common grazing pasture for livestock; if each farmer adds more animals for profit, the pasture can become overgrazed, leading to its destruction. This situation arises because each person benefits immediately, while the costs are shared among all users. The theory highlights the need for sustainable management of shared resources to prevent depletion and ensure long-term viability for everyone involved. It calls attention to the balance between individual interests and collective well-being.