Posts Tagged environment

The Tragedy of the Commons and why we should learn from it.

Posted 21 April 2022 by David Spratt

Part Three of Planet Spratt’s Journey to Sustainability The tragedy of the commons is an economic problem in which every individual has an incentive to consume a resource, but at the expense of every other individual—with no way to exclude anyone from consuming. Initially it was formulated by asking what would happen if every shepherd, acting in their own self-interest, allowed their flock to graze on the common field. If everybody does act in their apparent own best interest, it results in harmful over-consumption (all the grass is eaten, to the detriment of...
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