The "tragedy of the commons" is a concept illustrated by a 1974 satellite photo showing the environmental degradation of open land due to overuse. In this case, a privately owned, subdivided area thrived due to responsible management, while the surrounding open land suffered from overgrazing. This situation exemplifies the idea that individuals acting in self-interest tend to exploit shared resources to the detriment of all. This concept, introduced by William Forster Lloyd in 1832, suggests that without regulation, common resources are likely to be depleted. This problem is observed in various contexts, from overfishing in international waters to the mismanagement of savings and loans. Public roads also face congestion issues when treated as a common resource.
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