" If everyone follows their self interest and goes fishing in the lake, pretty soon all of the fish will be gone and it will take decades for them to repopulate. "
Or, everyone follows their self interest and realizes that they will need to work out some agreements to moderate fishing or there will be no fish.
> Or, everyone follows their self interest and realizes that they will need to work out some agreements to moderate fishing or there will be no fish.
This can have downsides, namely the sort of "credentialism" that's often derided on this site (licensing for interior decorators, etc.) All the players in some industry decide that it's in their best interest to appeal for regulation which will prevent others from entering this industry.
Oh, absolutely. I just don't buy the idea that the default expected behavior from people is to shot themselves in the foot so blindly (e.g., a race to see who can empty the lake first).
That people may slowly stab themselves in the foot repeatedly is more likely.
The problem is that even if 90% of the fishers in an area are responsible, the remaining 10% can ruin it for everyone. And no one has any incentive, other than their conscience, to cooperate. And that's why it's a tricky problem.
Or, everyone follows their self interest and realizes that they will need to work out some agreements to moderate fishing or there will be no fish.