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The tragedy of the commons is the concept that, if many people enjoy unfettered access to a finite, valuable resource, such as a pasture, they will tend to overuse it and may end up destroying its value altogether. There is no incentive for firms to reduce production levels as they seek to maximise profits. The tragedy of the commons refers to a situation in which individuals with access to a public resource—also called a common—act in their own interest and, in doing so, ultimately deplete the resource.

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Explore how the tragedy of the commons leads to resource depletion, overconsumption issues, and discover strategies for prevention in economics. Common pool (access) resources are natural resources over which no private ownership has been established Tragedy of the commons, concept highlighting the conflict between individual and collective rationality

The idea of the tragedy of the commons was made popular by the american ecologist garrett hardin, who used the analogy of ranchers grazing their animals on a common field.

First posited in 1968 by american ecologist garret hardin, the tragedy of the commons describes a situation where shared environmental resources are overused and exploited, and eventually depleted, posing risks to everyone involved. What is the tragedy of the commons The phrase “tragedy of the commons” is credited to ecologist garret hardin, who in a 1968 paper described how shared resources (“commons”) are inevitably destroyed. The tragedy of the commons is the social dilemma involving the exploitation of common resources because these resources are shared and human beings act in self interest.