Concept of the Tragedy of the Commons

The tragedy of the commons is a concept that explains how shared resources can be depleted when individuals act in their self-interest rather than considering the collective good. This phenomenon occurs when people exploit a common resource for personal gain, leading to its degradation. An illustrative example is that of a communal grazing field, where farmers individually add more livestock to maximize their profits, ultimately resulting in overgrazing and resource destruction. This concept highlights the inherent conflict between individual benefit and communal sustainability.