Tragedy of the commons | Consumer and producer surplus | Microeconomics | Khan Academy

How public resources can be abused

Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course

About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.

For free. For everyone. Forever. #YouCanLearnAnything

[JoannaPoppink]

I don't think humans ever thought that the tragedy of the commons would apply to the vast oceans of the world.  But it does. We're experiencing that now.

[giordanobruno]

I hope your not making a case for privatization of land and natural resources. Private ownership of resources is much more prone to this problem. Corporations are largely unaccountable for their environmental destruction and can hijack governments to remove any such protections. What needs to be done is to make private corporations public, non-for-profit entities with charters to operate in the public good. Public ownership of all resources with adequate regulatory government over site.

[xyon]

Thanks for being my substitute teacher for my Lazy Professor in my University
as our Professor linked this video to us students in Online Class

[JackieHinton]

love this video, My change the world class rules .

[caesarxinsanium]

Thanks, i understood this as soon as you got to the point.

[kcnonyerem]

Nice video but how abt in a situation whr the solution of making it a private property does not work.

[Goofmobber]

Your videos are the best. Short, to the point, and simple. :D

[pujaverma]

Can you give explanation on public goods and common resources ?

[hikerphoto]

The Tragedy of the Commons is a manifestation of the belief that simple models can explain human behavior. My view is that history is not that simple. Many thinkers form a worldview based on reactions to excesses in behavior their time. Ayn Rand, Friedrich Hayek and John Maynard Keynes are good examples.

One's worldview these days should look also at the studies of Amos Tverksy, Alfred Kahneman, and their research into prospect theory.

[officereric]

Watching for Econ 2302 class and professor rambles and uses old recorded lectures. Thank you.

[MaxHarms]

@SonOfTanit Yes, sorry. The Tragedy of the Commons is not guaranteed to happen, all it takes to avoid it is a means to monitor those who use the commons, and a will to punish those who consume more than their fair share. Permits (along with government) are one such system that can prevent the Tragedy from occurring. Thus, public resources will be abused unless extra work is put in to prevent the abuse.

How was that? I can clarify further if I'm still too vague. :)

[SEEVCar]

The tragedy of the commons also applies to our Corporate/capitalist system with fishery's depleting fish populations in the open ocean

[JNYC-gbpp]

I feel that when I'm at the grocery store and I'm buying organic stuff and foods with as little packaging as possible so I won't ruin the environment and see a family with 6 kids with a shopping cart full of junk food in plastic containers and I think "why do i bother??'

[daynelliekendall]

omg this helped me out alot thank you so much !!

[ancapgrandscribe]

This only applies to publicly owned lands as they're generally commonly owned and no one has incentive to take care of the land.

[brianrettig]

so this is why minecraft server public storage chests are always empty

[ericadamsZOW]

Based on arcane notions. The Commons is only tragic when examined through the free market of resource valuations, and assuming that commons holders do not communicate effectively.

[xfronwenzyoucamex]

Cant a private owner also temporarily close the pond to restock it/ let the fish breed?

[masterchief]

Is there a video about import tariffs and quotas?

[gabrielreis]

This is not a good solution because make it private will just increase the capability to create same errors.
*We could control this by meanings of education and trust, that would be ideal. Were they would, not want to gain more, but to offer the best they can, with love.
& I have some thoughts that even with a government intervention, assuming that the persons involved in that would trust on it, could happens a tragedy of commons inside the government.
*We could put a third, to take care of the big lake, and the gains would serve to make the life better for the three ones ? That would be weird, because the third one would look quite like an employee.
We have to make the right question.

We're not looking for money, we're looking for permissions, there have to be love on, thinking like, we two are trying to empower our companies, or we're empowering our society. It's the society the father of the companies, who feeds it's employees. They are treating with the Mother Nature, then it have to be like they're looking after their sons.