Introduction
A tragedy of the commons is an economic situation in which a finite good or resource is shared among a group of people, leading to a resource shortage due to overconsumption. One instance of a tragedy of the commons situation is when a group of fishermen shares a lake as their common fishing ground.
Explanation with an Example
Suppose any fishermen overexploit the lake, seeking to maximize their profit. In that case, they will deplete the lake of fish, leading to a negative outcome for everyone: no one will have enough fish to make a living. As more people look to the oceans as an origin of food and revenue, they are increasingly putting pressure on the world’s fish stocks. As a result, many fish stocks are being overfished, leading to a decrease in fish populations and ocean productivity (Ferguson et al., 2022). This is a tragedy of the commons, as the interests of individual fishermen are prioritized over the long-term interests of the collective community.
Preventive Measures
Someone must step up to prevent this tragedy from leading and navigate the situation. This can be achieved by implementing policies that restrict fishing activities, such as specifying the number of days per week during which fishing can occur or limiting the number of boats that can be used for fishing. These policies can help ensure that fish stocks are not over-exploited and that the long-term sustainability of the oceans is maintained.
In addition, there is a need to increase focus on encouraging tolerable fishing practices.This can be done through education and cognition campaigns and the maturation of incentives for fishermen to utilize sustainable fishing techniques (Ferguson et al., 2022).This promotes a balance between the needs of the wider community and those of each fisherman, resulting in a sustainable benefit for everyone involved.
Conclusion
Overall, the tragedy of the commons is a serious issue that requires immediate attention to ensure the long-term sustainability of the world’s resources. Someone must lead and navigate the situation to prevent a tragic outcome. By implementing policies limiting fishing activities and promoting sustainable fishing practices, it is possible to balance the interests of the collective community with the interests of the individual fisherman, leading to a sustainable outcome for all parties involved.
Reference
Ferguson, C. E., Bennett, N. J., Kostka, W., Richmond, R. H., & Singeo, A. (2022). The tragedy of the commodity is not inevitable: Indigenous resistance prevents high-value fisheries collapse in the Pacific islands. Global Environmental Change-Human and Policy Dimensions, 73, 102477. Web.