Tragedy of The Commons

The tragedy of the commons describes a situation where individuals, acting independently and rationally according to their own self-interest, deplete a shared resource, ultimately harming the collective good. This concept explains how unrestricted access to a common resource, such as the atmosphere or fisheries, leads to overexploitation and degradation, as each user benefits from consuming more while the costs are distributed among all. It highlights the conflict between individual interests and the long-term sustainability of shared resources, making it relevant to global challenges like climate change.