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tragedy of the commons 

The term has its origins in the sharing of grazing land in a given community, called "the commons", in Britain. An individual farmer could increase his or her profits by using more of the commons than others. The other farmers would then follow suite, leading to the overexploitation and destruction of that land.

In its modern usage, the phrase is used as a metaphor to the above, referring to the exploitation of a common resource. In game theory it is used as an example of how, in a given situation, every individual can choose to do what is best for their own interests and still produce the worst sum result for the whole. See also: prisoner's dilemna.

The most common and effective way to negotiate this problem is private ownership. Another way is heavy regulation and the imposition of sanctions on violators.
usage: When big companies pollute the air, it's just another example of the tragedy of the commons.

comedy of the commons

A play on the phrase tragedy of the commons. In the tragedy of the commons, each person tries to maximize their own benefit, and the end result is that everyone loses because of overutilization of limited resources. In the comedy of the commons, each person, while getting something for themselves, also (directly or indirectly) contributes back to the common good at the same time.
BitTorrent makes use of the comedy of the commons, since the more people who participate, the better the service gets.

tragedy of the commons 

When a finite resource is exploited by one and all, with the rationale that if I don't exploit it my brother will. The end result is the exhaustion of that resource. i.e. hoarding.
The massacre of the buffalo in America by early settlers for sheer sport, was a completely unneccessary tragedy of the commons.

tragedy of the commons 

The unfortunate predicament caused when a public resource, such as a natural resource like land or game, is consumed by everyone but maintained by no one.

Everyone feels they have the right to consume because they are part of the public, but no one feels it their responsibility to maintain it because they are not individually accountable.
tragedy of the commons by Anonymous September 1, 2003

tragedy of the commons 

The idea that since no one owns a common are (e.g., a public park) that no one takes care of it
The rundown condition of the park was another example of the tragedy of the commons
tragedy of the commons by Robbo August 27, 2003

tragedy of the commons 

The fact that unregulated resources that are held in common are exploited to the point where they lose their usefulness.

Commonly used to argue that having any resources (parks, etc.) held in common will always lead to their destruction. Especially by libertarians and people who want corporate welfare.
We could make this publically-owned pristine forest into a public park Governor, but that would only lead to the tragedy of the commons. Let's sell it to the logging intrests instead! Since they'll have ownership over the land, they'll have good reason to take care of it.