CommonsThe commons are an collection of important economic, cultural and life sustaining resources. The tragedy of the commons is a tricky problem to solve because open access to the commons is typically viewed as an inalienable right. At times the idea has been used to sell propositions to privatize what was customarily public. An ideal solution keeps the commons open but gives incentives for moderation.
ExamplesPollutionTraffic jamsSpecies extinctionDeforestation & desertificationOffice refrigerators that fill with expired food.
OriginsTragedy of the commons was first coined by William Forster Lloyd in 1833 to describe shared pastures for sheep in England. Each individual herder had incentive to graze as many sheep as possible. In other words, there were no incentives in place to use the shared pastures in moderation, resulting in overgrazing and unstable feed supplies.
|Overview: Tragedy Of The Commons|
A system that gives incentives for shared resources to be overused and abused.