TED-ED: What is the tragedy of the commons? - Nicholas Amendolare

The video explores the concept of the tragedy of the commons through a thought experiment involving a fish pond shared by villagers. It explains how individual self-interest can lead to the depletion of shared resources, resulting in negative outcomes for all. The video discusses historical and modern examples, such as overfishing and pollution, and highlights the importance of collective action and social contracts to address these issues. It emphasizes that optimizing for the common good benefits everyone in the long term.

How did William Forster Lloyd contribute to the understanding of the tragedy of the commons?

What solutions do humans have to address the tragedy of the commons according to the text?