tragedy of the commons

Etymology

Definitions

1. 1

   A situation in which unmanaged use of a shared resource (such as the atmosphere or an…

   A situation in which unmanaged use of a shared resource (such as the atmosphere or an ocean) by a number of participants results in the unintended ruin or total consumption of that resource.

   • One theory, known as the tragedy of the commons, holds that people will exploit and abuse something in which they have no ownership stake.
   • Overfishing is the classic tragedy of the commons. Since no single nation "owns" the high seas, they exploit it without restraint and without thought to sustainability.
   • The economist Elinor Ostrom, who is on our list this year, has written about the tragedy of the commons, which is the idea that self-interest can undermine the common good.

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