Explaining the Tragedy of the Commons - A Level and IB Economics

​The pursuit of individual self-interest is often not good for social efficiency leading to the long term depletion of resource. This short revision video looks an an example of the tragedy of the commons and also mentions the insights of the Nobel prize-winning economist Elinor Ostrom who understood how communities can create their own rules and institutions to manage their common pool resources in a sustainable manner.

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