Theory of Commons

The Theory of Commons refers to shared resources like air, water, or public lands that are accessible to all members of a community. It explores how these resources are managed, used, and sometimes overused or depleted. The theory highlights the balancing act between individual interests and collective responsibility, emphasizing that sustainable use requires cooperation and effective governance. Without proper management, common resources can suffer from overuse, leading to what's called the "tragedy of the commons," where everyone's use harms the resource for everyone else. It underscores the importance of rules and community effort to preserve shared assets.