Tragedy of the commons

by phil on Thursday Aug 7, 2003 4:50 PM
economics_old

Tragedy of the commons - Wikipedia: "Tragedy of the commons is a metaphor that illustrates the sub-optimal use or even destruction of public resources by private interests when the best strategy for individuals conflicts with the common good. The metaphor is used to argue in favour of private property and against theories such as libertarian socialism which aim at communal ownership of resources. "