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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.

To learn more about the tragedy of the commons, follow the link;

https://brainly.com/question/9680058

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