Answer to Question #87557 in Microeconomics for Reshma Kuriakose

Question #87557
Why are fish in the ocean an example of a resource that suffers from the tragedy of the commons but cattle grazing in a farmer's pasture do not suffer from the tragedy of the commons?
1
Expert's answer
2019-04-09T10:33:07-0400

Fish in the ocean suffer from the tragedy of commons since they are public resources, whose users wish to maximize profits by all means, including overfishing. However, cattle grazing in a farmer’s pasture do not suffer from the same problem since the farmer utilizes the pastures prudently to ensure their sustainability. 


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