Question

What is the ""Tragedy of the Commons"". Explain how the concept might apply to an unregulated industry that is a source of water pollution

Answer 1

Answer:Tragedy of the commons is referred to as a circumstance where under a system of shared-resource, individuals tend to act independently in accordance with their own self-interest, they tend to act contrary to the common good. Therefore, depleting and spoiling the main source of that resource through their actions.

In an unregulated industry which acts as the main source responsible for water pollution, most of the organization might tend to act irresponsibly without having the tendency to act in favour of the environment and people living in that surrounding. Thus contributing more towards water pollution.