ABSTRACT
As society awakens to the consequences of our vast utilisation of natural resources, a slight hope is found surrounding the role of innovation (Von Schomberg, 2019). The hope is that innovative solutions will address harmful economic activities that affect our shared resources, known as the commons. British writer William Forster Lloyd first introduced the notion of the commons, representing shared resources, in 1833. This idea was later brought into the mainstream by Hardin in 1968, who introduced the term “tragedy of the commons.” This theory sheds light on the tendency of individuals to utilise the commons for personal gain without considering the accumulated effects on these resources. Such degradation results in shared losses, often renders the resources unusable, and affects third parties including the environment and communities closely aligned with nature. Hardin (1968) posits that the burden of managing the commons cannot work if assigned to the individual level of society, as this results in worry, mental stress, and confrontation among people as they seek solutions that serve the community and the environment. As individuals respond in various ways to such appeals, this can result in further imbalance in how the commons are handled. The author argues that responsible coercion from the state, such as taxes or legal regulation, could be more effective in curbing undesirable behaviour, as it allows a more rational decision-making process, through acknowledging the inevitability that some restrictions benefit society.
