“Tragedy of the Commons: while each person can agree that all would benefit from common restraint, the incentives of the individuals are arrayed against that outcome.”

“When action is divorced from consequences, no one is happy with the ultimate outcome. If individuals can take from a common pot regardless of how much they put in it, each person has an incentive to be a free rider, to do as little as possible and take as much as possible because what one fails to take will be taken by someone else. Soon, the pot is empty and will not be refilled -- a bad situation even for the earlier takers.”

“Democracy extends the sphere of individual freedom, socialism restricts it. Democracy attaches all possible value to each man; socialism makes each man a mere agent, a mere number. Democracy and socialism have nothing in common but one word: equality. But notice the difference: while democracy seeks equality in liberty, socialism seeks equality in restraint and servitude.”

“Democracy extends the sphere of individual freedom; socialism restricts it. Democracy attaches all possible value to each man; socialism makes each man a mere agent, a mere number. Democracy and socialism have nothing in common but one word: equality. But notice the difference: while democracy seeks equality in liberty, socialism seeks equality in restraint and servitude.”

“But because human being tend to focus on short-term benefits and our own immediate needs, such tragedies of the commons occur frequently .”

“They didn’t agree on much. In fact, they didn’t agree on anything. They fought all the time and challenged each other ever day. But despite their differences, they had one important thing in common. They were crazy about each other.”