Define the tragedy of the commons. Give three examples of common resources. Briefly explain why common property resources are subject to overuse

Question

What will be an ideal response?

Answer 1

The tragedy of the commons refers to situations where common resources are subject to overuse and pollution. Examples include forest land, pasture land, fish in the ocean, lions in the wild, shrimp population in the gulf states, a public library, and space on a public beach. Common resources are subject to overuse because each individual captures the private benefit fully but only bears part of the cost of using the resource. As a result, each individual has no incentive to maintain the quality or purity of the resource.