Foundations of Economics, 8th Edition

11.3 The Tragedy of The Commons

MyEconLab Concept Video

Overgrazing the pastures of a village in Middle Ages England and overfishing North Atlantic cod during recent decades are tragedies of the commons. The tragedy of the commons is the overuse of a common resource—a resource that is nonexcludable but rival—that arises because its users have no incentive to conserve it and use it sustainably.

Tragedy of the commons

The overuse of a common resource that arises because its users have no incentive to conserve it and use it sustainably.

To study the tragedy of the commons, its cause, and its possible remedies, we’ll study the overfishing and depletion of the cod stock. You’re about to discover that there are two problems that give rise to ...