Economic Theory of the Tragedy of the Commons

   Economic Theory of the Tragedy of the Commons

"Ruin is the destination toward which all men rush, each pursuing his own best interest in a society that believes in the freedom of the commons."- Garrett Hardin

Dr Abe V Rotor

Naturalism - the Eighth Sense

15th Year 2802 Posts

The tragedy of the commons is an economic problem where the individual consumes a resource at the expense of society. If an individual acts in their best interest, it can result in harmful over-consumption to the detriment of all. This phenomenon may result in under-investment and total depletion of a shared resource.

The case of the shrinking and disappearing "dilis" (anchovies) and "espada" fish.

Considered "poor man's food" in the rank of galunggong, pork and beans, and pandesal - this prolific marine fish once the main source of fishmeal for feeds, has spiraled beyond the means of ordinary people.

Espada (bulong-unas Ilk) is another marine fish that is fished in its juvenile stage, similarly with many other species that are over harvested, usually with close-knit fishnets - and without let-up in the absence of strict regulations.

        Tragedy of the Commons

                      Dr Abe V Rotor

Tragedy of the commons, a term scholarly phrased,
     means simply shrinking resources
in the midst of open competition to all in the name
     of freedom with whatever process
of acquisition in social Darwinism falsely applied;
     at the end, the winner neither the best
nor the vanquished, the passive nor meek, but all
      victim swept by the current of unrest
where the old Malthus' ghost once more roam,
     where lost the essence of progress,
and Toffler's ecospasm of economics and ecology
     clashing and falling from their crest. ~

* The tragedy of the commons is an economics theory by Garrett Hardin, according to which individuals, acting independently and rationally according to each one's self-interest, behave contrary to the whole group's long-term best interests by depleting some common resource. The concept is often cited in connection with sustainable development, meshing economic growth and environmental protection, as well as in the debate over global warming. "Commons" can include the atmosphere, oceans, rivers, fish stocks, national parks, the office refrigerator, and any other shared resource. The tragedy of the commons has particular relevance in analyzing behavior in the fields of economics, evolutionary psychology, anthropology, game theory, politics, taxation, and sociology. Some also see the "tragedy" as an example of emergent behavior, the outcome of individual interactions in a complex system. (Wikipedia)