Tim Harford, the Undercover Economist, on Garrett Hardin and Elinor Ostrom on the common pool resources, at his website (via Marginal Revolution):
The story goes as follows: imagine common pasture, land owned by everyone and no one, “open to all” for grazing livestock. Now consider the incentives faced by people bringing animals to feed. Each new cow brought to the pasture represents pure private profit for the individual herdsman in question. But the commons cannot sustain an infinite number of cows. At some stage it will be overgrazed and the ecosystem may fail. That risk is not borne by any individual, however, but by society as a whole.
With a little mathematical elaboration Hardin showed that these incentives led inescapably to ecological disaster and the collapse of the commons. The idea of a communally owned resource might be appealing but it was ultimately self-defeating.
It was in this context that Hardin deployed the word “tragedy”. He didn’t use it to suggest that this was sad. He meant that this was inevitable. Hardin, who argued that much of the natural sciences was grounded by limits – such as the speed of light or the force of gravity – quoted the philosopher Alfred North Whitehead, who wrote that tragedy “resides in the solemnity of the remorseless working of things”.
Lin Ostrom never believed in “the remorseless working of things”. Born Elinor Awan in Los Angeles in 1933, by the time she first saw Garrett Hardin present his ideas she had already beaten the odds.