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- Overfishing depleting global fish stocks. Overfishing depleting global fish stocks epitomizes the tragedy of the commons. The need for for immediate economic gains drives fishermen to catch more fish than the aquatic ecosystems can replace, thus degrading the marine commons they depend upon for their livelihood (Pauly & Zeller, 2016).
- Unrestricted grazing causing desertification. Unrestricted grazing is another instance of the tragedy of the commons. The open access nature of common grazing lands promotes overgrazing as livestock owners aim to maximize their individual benefit.
- Deforestation for agricultural expansion. Deforestation for agricultural expansion provides another stark example. In pursuit of individual profit, farmers often aim to maximize their cultivated land through agricultural expansion.
- Overuse of shared water resources. The overuse of shared water resources, such as rivers and aquifers, presents a classic case of the tragedy of the commons.
- What Is The Tragedy of The Commons?
- Background
- Types of Goods
- Understanding The Tragedy of The Commons
- Examples of The Tragedy of The Commons
- The Tragedy of The Commons as A Form of Market Failure
- Significance of The Tragedy of The Commons
- Conclusion
The tragedy of the commons is a phenomenon that occurs when individuals with free access to a public resource (also called a common good) act in their own self-interest, leading to the depletion of that shared resource. The tragedy of the commons is a classic problem in economics that highlights the negative consequences of unchecked human behaviou...
The concept of "the tragedy of the commons" was first proposed in 1833 by British author William Forster Lloyd. In 1968, the term “tragedy of the commons” was used for the first time by Garret Hardin in Science Magazine.
In order to understand the tragedy of the commons in a better way, let’s first explain a framework to classify different types of goods. This is shown in the following diagram.
In economic theory, the tragedy of the commons explains individuals’ tendency to make decisions based on their own self-interests, regardless of the negative impact they may have on others. When no one owns a resource, it may get overused and ultimately depleted. Consider the example of underground water. People overuse underground water without co...
Over-fishing
Overfishing is an example of a common pool resource being depleted by individuals acting in their own self-interest. With the increase in the world population, the food supply needs to increase. However, overfishing by fishermen has reduced the food supply. For example, overfishing of the Pacific Bluefin tuna has caused an all-time population low of approximately three percent of their original population.
Groundwater
In many countries, groundwater is the main source of drinking water. Due to the overuse of groundwater, its supply is decreasing faster than it can be replenished. Hence, many countries may face water shortages in the future.
Grazing Land
Another example of the tragedy of the commons is the degradation of grazing land in developing countries. Farmers have an incentive to graze as many animals as possible on the common land, since this increases their income. However, if all farmers act in this way, the land will become overgrazed, leading to soil erosion and a decline in productivity.
The tragedy of the commons can be seen as a type of market failure, where the market fails to allocate resources efficiently. In situations where a shared resource is overused and depleted, the costs of overuse are not reflected in the price of the resource. As a result, individuals have an incentive to consume as much as possible, leading to the d...
The concept of the tragedy of the commons is helpful for individuals, firms and governments, so they can make more sustainable and environmentally-friendly choices.
The tragedy of the commons is a powerful concept that highlights the challenges of managing shared resources. It shows how individual self-interest can lead to the overuse and depletion of resources, and how government intervention may be necessary to prevent this outcome. By understanding the tragedy of the commons, we can develop better policies ...
Jun 17, 2012 · Working with a broadly institutionalist perspective, Ostrom sought to find solutions to the “Tragedy of the Commons”, exploring the prisoners’ dilemma and using game theoretic reasoning in an innovative way.
The tragedy of the commons is the concept which states that if many people enjoy unfettered access to a finite, valuable resource such as a pasture, they will tend to overuse it and may end up destroying its value altogether. Even if some users exercised voluntary restraint, the other users would merely supplant them, the predictable result ...
Oct 28, 2016 · Definition and explanation of the Tragedy of the Commons - overconsumption of shared resource due to free rider problem. What are the solutions to the Tragedy of the Commons?
Sep 25, 2023 · The tragedy of the commons is an economic theory claiming that individuals tend to exploit shared resources so that demand outweighs supply, and it becomes unavailable for the whole.
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Sep 23, 2024 · Tragedy of the commons, concept highlighting the conflict between individual and collective rationality. The idea of the tragedy of the commons was made popular by the American ecologist Garrett Hardin, who used the analogy of ranchers grazing their animals on a common field.
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