Source: Tragedy
Tragedy of the Commons is where the consumption of common pool resource by many self-interested individuals and only recognise the cost they inflicted. This lead to the resource destruction as the accumulated cost is too much for the resource to bear. This problem can be seen in the logging and clearing of the rainforests. Companies that clear the forests for plantation usage will reap the full benefits of the clearing as they obtain the land for their usage. However, they only recognise the cost that they incurred, but not the accumulated costs incurred by all the other companies doing the same thing as they do not bear the full accumulated costs. This lead to a large portion of the forests being cleared and hence causing the species living in the forests, including the sun bear, to lose the quality of their habitat.
In the long run, this can lead to a massive depletion in the resource unless there is proper intervention put into place. There are 4 known interventions to solve the tragedy of the commons. It should be noted that the interventions cannot be effective if used alone and a combination of interventions will be most ideal and effective.
Here are the possible interventions to solve the tragedy of the commons problem:
- Government
- Small communities
- Morals and ethics
- Education