Economics: The Tragedy of the Commons

One of my interests is Economics. I recently came across “The Tragedy of the Commons”.

It’s basically an economic argument for government. Individuals watch out for the best interest of themselves and their families. But best interest says items that are shared need to be monitored to prevent destruction of their value – common grazing area, shared water sources, and fresh air. With a “group-think” in place that places value on the survival on the group over the direct benefit of the individual, resources shared in common may be conserved for future use while still being used in the present. Of course, still in place, needs to be rules so that the “group-think” administrators don’t hi-jack the government for their own individual profit.