In a good mood to finish David Gillespie's book, which I started a few weeks ago, I came across an intriguing topic: "The Tragedy of the Commons." Although I didn't study economics in high school, this was a great opportunity to get a quick insight into the concept.
The tragedy of the commons refers to a situation in which individuals with access to a public resource (also called a common) act in their own interest and, in doing so, ultimately deplete the resource.
One example that really struck me was the local supermarket running out of toilet paper during the COVID-19 lockdown. The situation was simple: people could buy as many rolls as they wanted, and with the uncertainty of the pandemic, everyone stocked up excessively. The supplier didn't anticipate this surge in demand, and the store's toilet paper was quickly sold out. Those who hoarded the toilet paper had plenty, while many others were left without any, creating an unfair situation.
The store never imagined they would run out of stock, leading to a breakdown in supply and affecting millions of households. There was no authority to regulate and preserve this common asset, so it was left to public choice.
This raises a bigger question about other common resources like clean air, fresh water, forests, pastures, and global temperature.
Who has the authority to preserve these essential elements? It's absolutely, us.
Therefore, to build a sustainable future, we all must make sacrifices to preserve common assets. The key is trust, but it’s uncertain how far that can take us. Education and goodwill are important, but we must also take action together.
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