What is the Tragedy of the Commons?
In economics and in an ecological context, the tragedy of the commons is a situation in which individual users, who have open access to a resource unhampered by shared social structures or formal rules that govern access and use, act independently according to their own self-interest and, contrary to the common good of all users, cause depletion of the resource through their uncoordinated action in case there are too many users related to the available resources. —Wikipedia
But the idea of the tragedy of the commons was disproved by Elinor Ostrom even before it was published by Garrett Hardin in 1968.
The features of successful systems, Ostrom and her colleagues found, include clear boundaries (the ‘community’ doing the managing must be well-defined); reliable monitoring of the shared resource; a reasonable balance of costs and benefits for participants; a predictable process for the fast and fair resolution of conflicts; an escalating series of punishments for cheaters; and good relationships between the community and other layers of authority, from household heads to international institutions. —The miracle of the commons