The tragedy of the commons describes a situation in economic science when individual users, who have open access to a resource unhampered by shared social structures or formal rules that govern access and use, act independently according to their own self-interest and, contrary to the common good of all users, cause depletion of the resource through their uncoordinated action. The concept originated in an essay written in by the British economist William Forster Lloyd , who used a hypothetical example of the effects of unregulated grazing on common land also known as a "common" in Great Britain and Ireland. Although open-access resource systems may collapse due to overuse such as in over-fishing , many examples have existed and still do exist where members of a community with regulated access to a common resource co-operate to exploit those resources prudently without collapse,   or even creating "perfect order". In a modern economic context, " commons " is taken to mean any open-access and unregulated resource such as the atmosphere , oceans , rivers , ocean fish stocks , or even an office refrigerator.
On the Principles of Political Economy and Taxation - Econlib
The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics , from the ancient world to the present day in the 21st Century. This field encompasses many disparate schools of economic thought. Ancient Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition, and questioned whether property is best left in private or public hands. In the Middle Ages , scholasticists such as Thomas Aquinas argued that it was a moral obligation of businesses to sell goods at a just price. In the Western world, economics was not a separate discipline, but part of philosophy until the 18th—19th century Industrial Revolution and the 19th century Great Divergence , which accelerated economic growth. Hesiod active to BC, a Boeotian who wrote the earliest known work concerning the basic origins of economic thought, contemporary with Homer. Chanakya born BC of the Mauryan Empire , authored the Arthashastra along with several Indian sages, a treatise on statecraft, economic policy and military strategy.
On the Principles of Political Economy and Taxation
David Ricardo — was a classical economist best known for his theory on wages and profit, the labor theory of value , the theory of comparative advantage, and the theory of rents. David Ricardo and several other economists also simultaneously and independently discovered the law of diminishing marginal returns. His most well-known work is the "Principles of Political Economy and Taxation" Born in England in , one of 17 children, David Ricardo began working with his father as a stockbroker at the age of