Compare and contrast the two ideas: Garrett Hardin’s Tragedy of the Commons versus Adam Smith’s invisible...

Compare and contrast the two ideas: Garrett Hardin’s Tragedy of the Commons versus Adam Smith’s invisible hand.

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The tragedy of the commons : natural resources are not ones property or inheritance , but it's for all commons. But now a days people are using them like they are only for them only. So they uses them in ineffective, inefficient way and thus led to waste of resources or not optimum and inequal use by people.. This theory called such resources as common or shared resources.Thus this called as tragedy of Commons.

The invisible hand..This concept based on free market strategy and thus focus on demand and supply to attain equilibrium.market force of demand supply bhave such ability to attain equilibrium by using factor of production and services.

This theory is mainly focused on more and more use of resources as they are accept resources as their own or private (not in control of government) ,while upper one Theory is focussed more on effective vuse of resources as they are shared or commons.

Rahul Sunny answered 1 year ago

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