Tragedy of the Commons

Overuse of an open-access resource because each user captures the full benefit of one more unit but shares the cost.

Specifications & Metrics

type

Public economics

introduced

1968

originator

Garrett Hardin

Core Principles & Analysis

• Hardin's 1968 Science essay applied the logic to pasture, fisheries, and pollution.
• Elinor Ostrom documented community-managed commons that avoid collapse without privatization or state control.
• Quotas, tradable permits, and property rights are the standard remedies that internalize the externality.

Sources

• Econlib Concise Encyclopedia of Economics: Tragedy of the Commons