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 exploiting the resource as much as possible, without considering the long-term consequences for the collective well-being. As a result, the resource becomes depleted or degraded, leading to negative outcomes for everyone involved. This concept highlights the conflict between individual self-interest and the common good, and the need for collective action or regulation to prevent the tragedy of the commons from occurring.