The Trajedy of the Commons
Channel: Salvatore Babones
Date: 17/05/2016

The tragedy of the commons is an old social problem that has been hijacked by contemporary economics.

The commons are grazing lands (or other resources) held in common by everyone and open to everyone to use.

The tragedy is that although everyone benefits from the existence of common resources, everyone has a strong incentive to exploit common resources for personal gain.

The solution to the tragedy of the commons is simple; in one word: government.