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The existence of laws and regulations helps in maintaining peace and order within a society. It is there to set boundaries on how people should act and use resources on a daily-life basis. Let us take a look at the principle of the tragedy of commons. The tragedy of commons explains that the needs of people are uncontrolled and increase as the population that uses them. At the same time, the supply is governed by nature and decreases over time which causes a shortage among the people that share the common property (Hardin, 1968). To explain this point, here is an example. A community is sharing on a communal pond wherein each household equally fishes three fish per day for consumption. The three fish limit helps to realize the goal that the supply will still be sustainable. Nevertheless, since the number of family members differs, they are motivated differently. If one member takes more than the amount of fish they should, it will cause the whole population to suffer because of the lack of supply - hence, the tragedy of commons. However, this scenario can be regulated if social contracts exist within the community or society (Malmberg, 2013). Laws and.
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