tragedy of the commons
/ˌtrædʒədi əv ðə ˈkɒmənz/
depletion of shared resources due to individual self-interest
tragedy of the commons in a sentence
“Overfishing exemplifies the tragedy of the commons.”
Origin of tragedy of the commons
Coined by Garrett Hardin (1968), from medieval common lands
Related Words
free rider problem
the tendency to benefit from collective goods without contributing
coordination problem
difficulty in aligning actions when mutual benefit requires agreement
public good
a good that is non-excludable and non-rivalrous
externality
a cost or benefit affecting parties not involved in a transaction
club good
a good that is excludable but non-rivalrous
common pool resource
a resource that is rivalrous but non-excludable