Tragedy of the Commons

Definition

The tragedy of the commons refers to a situation where individuals, acting in their own self-interest, deplete or degrade a shared resource, leading to its eventual depletion or degradation. It highlights the conflict between individual interests and the well-being of a collective group.

Related terms

Overexploitation: The excessive use or extraction of resources beyond sustainable levels.

Tragedy of the Anticommons: A concept where multiple parties have ownership rights over a resource, causing underutilization due to conflicts and difficulties in reaching agreements.

Common-Pool Resources: Resources that are non-excludable but rivalrous in consumption, meaning they are available to all but can be depleted if overused. Examples include fisheries and groundwater basins.