Explain the tragedy of the commons.

Explain the tragedy of the commons.

The tragedy of the commons refers to a situation where a shared resource, such as a common grazing land or a fishery, is overexploited or depleted due to the self-interest of individuals. In this scenario, each individual has an incentive to maximize their own benefit by consuming or exploiting the resource as much as possible, without considering the long-term consequences for the collective. As a result, the resource becomes depleted or damaged, leading to negative outcomes for everyone involved. This concept highlights the challenges of managing common resources and the need for collective action or regulation to prevent their overuse or depletion.