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Garrett Hardin
The '''tragedy of the commons''' (also called the '''problem of the commons''') refers to how publicly available resources (the commons) are shared and used by firms. If too many firms share the commons, the commons can be degraded or destroyed, which results in little to no benefit to any of the firms involved.
The '''tragedy of the commons''' (also called the '''problem of the commons''') refers to how publicly available resources (the commons) are shared and used by firms. If too many firms share the commons, the commons can be degraded or destroyed, which results in little to no benefit to any of the firms involved.
The term was coined in 1968 by ecologist Garrett Hardin.<ref>[http://adsabs.harvard.edu/abs/1968Sci...162.1243H The Tragedy of the Commons], 1968</ref>
==Examples==
==Examples==
Depending on the commons, licenses can also be issued to limit the number of players involved. An example would be hunting licenses. Although the number of players becomes limited in this scenario, if done correctly, the commons can be preserved and continue to provide an economic benefit to those involved.
Depending on the commons, licenses can also be issued to limit the number of players involved. An example would be hunting licenses. Although the number of players becomes limited in this scenario, if done correctly, the commons can be preserved and continue to provide an economic benefit to those involved.
==References==
{{reflist|1}}
==External links==
==External links==
*The Concise Encyclopedia of Economics. [http://www.econlib.org/library/Enc/TragedyoftheCommons.html ''The Tragedy of the commons'']
*The Concise Encyclopedia of Economics. [http://www.econlib.org/library/Enc/TragedyoftheCommons.html ''The Tragedy of the commons'']
[[Category:Economics]]
[[Category:Economics]]
[[Category:Political Doctrines]]
[[Category:Political Doctrines]]