Question

forests are often considered a commons or a shared resource. they can often experience the tragedy of the commons. i. explain the concept of the tragedy of the commons

Answer 1

The phrase "tragedy of the commons" describes a situation in which people who have access to a shared resource, also known as a common, act selfishly and ultimately deplete the resource. British author William Forster Lloyd initially conceived of this economic theory in 1833.

What is tragedy of the commons ?

The phrase "tragedy of the commons" describes a situation in which people who have access to a shared resource, also known as a common, act selfishly and ultimately deplete the resource.

Natural resource depletion: A tragedy of the commons can emerge when shared resources are used with the intention of short-term benefit. For instance, the short-term benefits are offset by the long-term risk of drought when water is removed from an aquifer more quickly than it can replenish.

Thus, The tragedy of the commons is when an overabundance of a good or service occurs as a result of reasonable people making choices that have negative effects on everyone's welfare.

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