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: -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.

Detailed explanation-3: -In The Tragedy of the Commons, Garrett Hardin argues that those who can use a resource for free consume more of it than they would if they had to pay for it. Public resources eventually collapse because people overuse them.

Detailed explanation-4: -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.