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Elinor Ostrom's The Tragedy Of The Commons

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Early in our lives, we were taught that nothing lasts in this world. In Economics, scarcity is the main problem. Resources are scarce and will eventually be depleted and be destroyed due to many reasons. One such is the “Tragedy of the Commons” published article in 1968 as coined by Garrett Hardin. He quoted, “Freedom in a common brings ruin to all” that means, common resource is free to all and be destroyed if certain rules are not being imposed due to the fact that everyone act on his / her own self-interest making that certain resources deplete over time. This problem has led many scholars and even policy makers to numerous and even unsuccessful resolutions.
In 1990, Elinor Ostrom wrote a book with a set of design principles in which how …show more content…

First, Ostrom tries to illustrate how group of people respond …show more content…

The link between political science and economics are very clear. Policies that are being imposed really vary on the government or the political system. Likewise, the concept of the theory of the firm is dealt with political ideologies but there are some aspects of economics that we could argue are free of politics- demand side and the supply side. Like in privatization, there is really a political issue. Who would control the key industries, right? On the basis of this situation, politicians have the power and authority in controlling businesses. Lastly, political science and economics go hand in hand. As for the capital owners, politics are means to gain more capital and vice versa. Politicians are also bound by their self-interests to get benefited without thinking the welfare of the others. Politicians or the government must be the driving forces to attain efficiency and development for the sake of the progress of our country. To sum it all, they are relevant because in our daily living, there’s always political science and economics. On how we make choices on our own, on how we strive for survival, on how we manage and handle things, deciding, interacting to others, etc. And for the decisions we make, there are always cost and

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