Tragedy of the commons

What is the definition of the tragedy of the commons?

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Definition:

What is Tragedy Of The Commons?

The tragedy of the commons is an economics problem in which every individual has an incentive to consume a resource, but at the expense of every other individual -- with no way to exclude anyone from consuming. Initially it was formulated by asking what would happen if every shepherd, acting in their own self-interest, allowed their flock to graze on the common field.

Source(s)

Jim Chappelow, Investopedia.com