Daily Concept 2590. Tragedy of the Commons

 

Daily Concept 2590.  Tragedy of the Commons

 

A common resource or "commons" is any resource, such as water or land, that provides users with tangible benefits but which nobody has an exclusive claim.

 

The tragedy of the commons is an economic problem where the individual consumes a resource at the expense of society. If an individual acts in their best interest, it can result in harmful over-consumption to the detriment of all. This phenomenon may result in under-investment and total depletion of a shared resource.