Tragedy of the commons18 نوفمبر 2021 2021-11-15 1:30
Tragedy of the commons
Give an example of the tragedy of the commons.
Grand Banks fisheries
The Grand Banks are fishing grounds off the coast of Newfoundland. For centuries, explorers and fishermen described this region as home to an endless supply of cod fish. In the 1960s and 1970s, advances in fishing technology allowed huge catches of cod. Following a few dramatically large seasons, the fish populations dropped, forcing Canadian fishermen to sail farther to maintain large catch sizes each season.
By the 1990s, cod populations were so low that the Grand Banks fishing industry collapsed. It was too late for regulation and management; the cod stocks had been irreparably damaged. Since then, the cod populations have remained low, and some scientists doubt the Grand Banks ecosystem will ever recover
Network congestion is an example of the 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.