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Picture Courtesy: https://www.investopedia.com/terms/t/tragedy-of-the-commons.asp
India hosted an event on the Protection, Restoration, and Governance of Commons.
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Tragedy of the Commons ●The term was created by ecologist Garrett Hardin in 1960s. ●It refers to individuals overusing and depleting shared resources. |

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PRACTICE QUESTION Q.Which of the following is/are the major features of the "Tragedy of the Commons"? 1. Depletion of shared resources 2. Individual self-interest 3. Government regulation Select the correct answer using the codes given below: A) 1 and 2 only B) 2 and 3 only C) 1 and 3 only D) 1, 2 and 3 Answer: A Explanation: Statement 1 is correct: Depletion of shared resources is a core component of the "Tragedy of the Commons." When people overuse a shared resource, it becomes depleted. Statement 2 is correct: People act in their self-interest, and this leads to excessive exploitation of the commons. Statement 3 is incorrect: Government regulation is not a characteristic of the "Tragedy of the Commons." |
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