Wikipedia definition of Tragedy of The Commons: "In economics, the tragedy of the commons is the depletion of a shared resource by individuals, acting independently and rationally according to each one's self-interest, despite their understanding that depleting the common resource is contrary to the group's long-term best interests."
I highly suggest reading this article, at least the first half of it. Once I started reading, it hit me like a brick. My goodness, this is happening before our eyes. It described what is going on in my area to a tee.
http://www.econlib.org/library/Enc/TragedyoftheCommons.html
I highly suggest reading this article, at least the first half of it. Once I started reading, it hit me like a brick. My goodness, this is happening before our eyes. It described what is going on in my area to a tee.
http://www.econlib.org/library/Enc/TragedyoftheCommons.html