https://teamseas.org/  The Tragedy of the Commons is an economic idea made popular by the American ecologist Garrett Hardin, who used the analogy of ranchers grazing their animals on a common field. Individual ranchers will seek to add additional livestock, to increase their profits. The benefit of adding additional animals accrue to the rancher alone, while the costs are shared. The tragedy is that ultimately  the field will be destroyed, due to overconsumption. This scenario is played out on a daily basis in numerous instances, having grave consequences for the world’s resources.In todays video we discuss the research of Lin Ostrom (the first woman to win The Nobel Prize in Economics). Ostrom - based upon her research - did not believe that the “tragedy” in such situations was inevitable. Her research showed that if the herders decided to cooperate with one another, monitoring each other’s use of the land and enforcing rules for managing it, they could avoid the tragedy.Todays video is associated with #TeamSeas - a group of YouTube content creators, lead by "Mister Beast" raising money to remove plastic waste from the ocean.Patrick's Books:Statistics For The Trading Floor:  https://amzn.to/3eerLA0Derivatives For The Trading Floor:  https://amzn.to/3cjsyPFCorporate Finance:  https://amzn.to/3fn3rvC Patreon Page: https://www.patreon.com/PatrickBoyleOnFinanceVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle On Finance YouTube Support the show