The "tragedy of commons
" is an economic theory describing how individuals tend to act selfishly by depleting publicly accessible and underpriced or free resources, eventually degrading the public realm in terms of environment, energy consumption, health, and well-being.
Why did we not learn from the late Elinor Ostrom, the great economist who spoke about environmental economics and public good, the tragedy of commons
? How about Thomas Malthus, Karl Marx and Karl Polanyi?
While the tragedy of commons
is a flawed concept, it is true in the case of Pakistan where the state, as well as the public, have always taken water resources for granted.
With digitalization on everyone's minds, advertising agency Ogilvy and Mather suggests that brands and businesses prepare for these trends in 2018: the end of typing and the rise of voice and image search; the tragedy of commons
in influencer marketing; the fact that augmented reality will become more, well, real; the Amazon Awakening; and the 'seriously serious' issues-privacy, data security and government-backed cyber attacks.
Negative externalities are fundamental to the Tragedy of Commons
and as in the garbage problem experienced in Sri Lanka for example, every time the government piles up material waste in an area, it becomes more likely that entire community will suffer in each of those areas.
As the tragedy of commons
suggests, too much focus on individual goals can conflict with greater social goals.