Explain the concept of the tragedy of the commons.

Explain the concept of the tragedy of the commons.

The concept of 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 degraded due to the self-interest and short-term thinking of individuals. In this scenario, each individual has an incentive to maximize their own benefit from the resource, leading to its depletion or destruction in the long run. This occurs because the costs of exploiting the resource are borne by all users collectively, while the benefits are enjoyed individually. As a result, without proper regulation or collective action, the tragedy of the commons highlights the potential for environmental degradation and the need for sustainable management of shared resources.