When we look at the relationship between Economics and Environment, the theory of the Tragedy of the Commons of Garret Hardin cannot be left unmentioned. After all, Elinor Ostrom who came up with a solution of governing the commons won the Nobel Memorial Prize in Economics for it in 2009.

In order to understand what the Tragedy of the Commons is we have to first understand the different theories of how a good can be defined according to its rivality and excludability. Look at the slides below and also don't miss out on the videos linked to it.