Tragedy of Commons Authors name: Institution: The tragedy of commons can be explained as a situation in which people who share a resource over exploit it and as a result, the resource becomes depleted. According to Ponce, the term ‘share’ means that none of the parties can claim ownership of the resource. Ponce attributes the overexploitation of such resources to the fact that there lacks regulation on the usage and therefore, individuals lack limitation on the extent to which they should utilize the resource. Hardin (1968) presents an interesting concept of viewing the tragedy of commons. He implies that the term ‘commons’ can be metaphorically applied to almost all resources...
Words: 550
Pages: 2