Question

. Common resources are goods that are rival, but not excludable. Research North American buffalo hunting in the 19th century. Discuss how these instances relate to the problem of common resources. In your explanation, define the notion “Tragedy of the Commons.” Are there any examples in today’s society that might fit into the definition of common resources? If so, discuss

Answer 1

Common resources such as fish in the open sea , grazing land etc face the problem of tragedy of commons . Since these resources are non excludable which means a person can consume them even without paying but rivalrous means someone catching the fish in open sea reduces the amount available for another person to catch in the short run .

So people selfishly try to exploit as much possible for their own self interest without thinking about common good . This gives no time for replenishment of the resource . As in case of buffalo hunting people hunt as much as possible till the animal is endangered .

Today we see whale and dolphin hunting , grazing cattle in common lands etc as such problems .