Tragedy of the Commons Critique

Hardin's, The ‘Tragedy of the Commons,’ has greatly impacted society and economics. This is due to its emphasis on issues in economics and ecology when people have access to a common resource and behave against the interests of other people (Frischmann et al., 2019). Hardin believed that the unrestrained use of shared natural resources by individuals seeking their objectives might lead to their stifling, exhaustion, and eventual eradication. That may be used for more abstract assets, such as expertise and many others, in addition to those tied to the surroundings (Frischmann et al., 2019). In a perfect society, joint assets would be definite and coped by regional, state, federal, and global authorities. But there are problems with this. When assets are shared throughout regions, managing them presents more of a difficulty than managing them within established boundaries (Frischmann et al., 2019). As a result, Hardin contends that consumption should be limited in some way, such as by securing property rights.