What does the term "Tragedy of the Commons" describe?

The term "Tragedy of the Commons" accurately describes the depletion of shared limited resources due to self-interest. This concept, introduced by economist Garrett Hardin in 1833, highlights a scenario where individuals acting in their own self-interest can ultimately diminish a shared resource, leading to negative outcomes for the overall community.

In essence, when multiple individuals use a common resource without collaborative management, they prioritize their own benefits and over-exploit the resource. This behavior results in its degradation, as the resource cannot sustain everyone’s needs if it is not managed sustainably. While shared resource management can lead to positive outcomes, the "Tragedy of the Commons" illustrates the potential for disaster when those resources are treated as if they are inexhaustible. This concept is crucial in understanding the balance between individual needs and the sustainability of communal resources.