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When people have unlimited and unregulated access to commons. This causes people to act on their own self interest which will ultimately deplete all resources.
The idea originated from british economist, William Lloyd. Later, the term originated from Garret Hardin
Commons-any scarce resource, such as water or pasture, that provides users with tangible benefits but which nobody in particular owns or has exclusive claim to. (Investopedia)
Tragedy of the commons is often used in sustainable development arguments and the global warming debate.
As the population rises, there are more demands to access there resources.
As a shepherd seeks to increase their profit, they will add more sheep to a pen. In order to protect the grass on their private property, the shepherd will allow their sheep to graze on public owned areas. As the shepherd keeps adding more sheep, the sheep will graze even more. This ultimately depletes all resources because of over consumption.
Over consumption will ultimately affect everybody.
Wild animals, Native tribes, and even religious communities like the Hutterites
Over fishing
Fast fashion
Ground water
Animal extinction
Increased regulations and limitations on commons
Better private property rights
Collective Action