The Environment, Cannibalism, and the Tragedy of the Commons

Why are we overfishing the oceans? Why are we cutting trees faster than they're growing? Why did the Easter Islanders resort to cannibalism? And how did an economics professor dad stop his teenage sons from wasting his whole paycheck on soda pop? It turns out that all of these are examples of the Tragedy of the Commons. This economic theory explains why, when a resource is collectively owned, there is no incentive to use it sustainably. This explains why many natural resources are depleted, even though that makes everyone worse off.