[T]he rational herdsman concludes that the only sensible course for him to pursue is to add another animal to his herd. And another; and another . . . . But this is the conclusion reached by each and every rational herdsman sharing a commons. Therein is the tragedy. Each man is locked into a system that compels him to increase his herd without limit -- in a world that is limited.
The same perfect logic dictates the destruction of any and every resource, without exception, if the resource functions as a commons -- that is, if it is controlled by nobody and can be exploited by everybody. In the case of a high-seas fishery, the resource is a stock of fish instead of a stand of grass, and the people are fishing-boat captains instead of herdsmen, but the reasoning is identical. If a captain takes one more haul of fish, the economic benefits will be his alone, but the economic harm (arising from depletion of the stock and impairment of the stock's ability to produce future generations) will be spread among all the captains who fish the same waters. Hence the captain's behavior is quite predictable: He will take the additional haul of fish; then he will take another; then another . . . . Taking one more haul will always be sensible, for it always will promise him more individual benefit than individual harm.
The other captains will think and behave in the same way, and the destruction of the fishery will be inevitable. Moreover, all this destruction will be done by men who are acting rationally and intelligently, not crazily or stupidly. They will continue their rational work until the stock of fish is so small that fishing no longer pays. Then they will sail away and look for a new stock, a new commons, that they can exploit in the same way..."
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