Tragedy of the Commons

This lecture covers the concept of the tragedy of the commons, focusing on common pool resources and the negative consequences of overuse. It discusses examples like communal grazing and the Enclosure Movement, along with the work of Elinor Ostrom in governing common pool resources. The presentation emphasizes the challenges of managing non-excludable and exhaustible goods, leading to potential depletion and natural disasters. Various strategies to address these issues, such as resource pricing, regulations, and corporate social responsibility, are also explored.