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Taragedy of commons In the tragedy of commons why would someone overuse a resource?

Taragedy of commons

In the tragedy of commons why would someone overuse a resource?

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Answer #1
  • Tragedy of commons refers to an economic problem in which people overuse a resource which decreases the quantity of good consumed by the other people.
  • People overuse a resource for their personal benefits or gain, which increases the demand for that good and the supply decreases.
  • They neglect the need of other people in the society for that resource and overuse them until it is no longer available for others to utilise it.
  • This unethical act of individuaIs leads to a net social welfare loss as people overuse a resource to reap out all the benefits by neglecting the well being of a society and other people face shortages during the consumption of that resource.
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