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Tragedy of the commons is exhaustion of a shared renewable resource as everyone has the incentive to take now when they can and none to steward its growth. Nega
by Nasrudith 6y ago
Tragedy of the commons is exhaustion of a shared renewable resource as everyone has the incentive to take now when they can and none to steward its growth. Negative externalities are a cost bared by people external to the activity. A common example would be pollution of air or water.
- graeme 6y agoIn that view, the air and water are on their way to exhaustion, but not exhausted. So perhaps tragedy of the commons could be viewed as an endpoint on the same process. It’s certainly caused by externalities. (Grazing has costs to others, who lose the ability to graze)