By Dynamic Earth Learning on youtube.com
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The Tragedy of the Commons is a theory in economics which talks about how people tend to make their own decisions without thinking about how they might affect other people or the environment. This theory was first used by an American ecologist named Garrett Hardin in 1968. The Tragedy of the Commons can happen when a person focuses on their own needs instead of the needs of a group. It is especially true when the demand for a resource is greater than the supply. Solutions to the Tragedy of the Commons include privatization of resources and resource regulation through government restriction. Elena Ostrom, an American political economist, disagreed with Hardin's idea and said that communities can manage their common resources well.