Tragedy Of The Commons

The tragedy of the Commons is an economic theory of a situation within a shared-resource system where individual users acting independently and rationally according to their own self-interest behave contrary to the common good of all users by depleting that resource. The concept and name originate in an essay written in 1833 by the Victorian economist WilliamForsterLloyd, who used a hypothetical example of the effects of unregulated grazing on common land (then colloquially called "the commons") in the British Isles.

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