Tragedy of the Commons

The tragedy of the commons is an economic concept that describes how individuals, acting independently and rationally according to each one’s self-interest, can ultimately deplete a shared limited resource even when it is clear that it is not in anyone’s long-term best interest. The concept was first described by Garrett Hardin in 1968 and has since been used to explain a variety of environmental and economic issues.

History of the Term

The term “tragedy of the commons” was first coined by Garrett Hardin in his 1968 paper of the same name. In it, Hardin argued that when individuals act independently and rationally according to their own self-interest, they ultimately deplete a shared limited resource even when it is clear that it is not in anyone’s long-term best interest. Hardin used the example of a pasture open to all, where each herdsman is motivated to add more animals to the pasture, even though the pasture is limited and cannot sustain the additional animals. Hardin argued that the rational behavior of each herdsman leads to the overgrazing of the pasture, ultimately leading to its destruction.

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Summary

The tragedy of the commons is an economic concept that describes how individuals, acting independently and rationally according to each one’s self-interest, can ultimately deplete a shared limited resource even when it is clear that it is not in anyone’s long-term best interest. The concept was first described by Garrett Hardin in 1968 and has since been used to explain a variety of environmental and economic issues. For more information on the tragedy of the commons, visit websites such as the World Bank, the United Nations, and the World Resources Institute.

See Also

• Commons
• Sustainability
• Resource Management
• Environmental Economics
• Externalities
• Public Goods
• Common Pool Resources
• Carrying Capacity
• Overpopulation
• Environmental Degradation

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