[This is part of the series: The Complete Guide To Economics 101.]
What are people talking about in economics, when they talk about Tragedy of Commons?
Tragedy of Commons is where a common resource is depleted through overuse by opposing economic interests.
Two examples are:
The ocean – that is often over-fished.
And shared pastureland – this is often over grazed.
In the end, this is an issue of property rights.
Where ownership is clear, and use can be limited, the tragedy of commons is not an issue.
