EVERYDAY SCIENCE

Detailed explanation-1: -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. This economic theory was first conceptualized in 1833 by British writer William Forster Lloyd.

Detailed explanation-2: -The tragedy of the commons is a problem in economics that occurs when individuals neglect the well-being of society in the pursuit of personal gain. This leads to over-consumption and ultimately depletion of the common resource, to everybody’s detriment.

Detailed explanation-3: -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.

Detailed explanation-4: -As the human population grows, the Earth and its resources remain constant. As each of us focuses more naturally on personal betterment and gain, common resources become overloaded and dwindle – this is the Tragedy of the Commons.

Detailed explanation-5: -Depletion of natural resources: When common resources are consumed with an eye towards short-term gain, the result can be a tragedy of the commons. For instance, when water is drawn from an aquifer faster than it refills, the immediate gains are undercut by the long-term danger of drought.