Usury

51. The tragedy of the commons.

You might take it as a synonym for usury as well. The big tragedy.

The tragedy of the commons is a term used to describe a situation in which individuals, acting independently and rationally according to each’s self-interest, ultimately deplete or destroy a shared limited resource even when it is clear that it is not in anyone’s long-term interest for this to happen. The concept originated in an essay written in 1833 by a British economist, William Forster Lloyd, who used a hypothetical example of a common pasture open to all cattle herders. He argued that, since each herder receives the benefit of the additional cattle but only bears a fraction of the cost, they are incentivized to add more cattle to the pasture than it can sustain, eventually leading to overgrazing and the destruction of the pasture. The tragedy of the commons has been used to explain a variety of environmental and social problems, including overfishing, climate change, and population growth. (ao)

“For when people do not keep watch over the commons, it is destroyed. It results, then, that they fall into civil faction, compelling one another by force and not wishing to do what is just themselves.”

Aristotle

The tragedy of the commons is a situation in which individuals, acting independently and rationally according to each one’s self-interest, ultimately deplete a shared limited resource even though it is not in anyone’s long-term interest. (ao)

AI Created: Artificial Intelligence talking about Usury.

Me: Is the tragedy of the commons another way of saying: “usury”?

ChatGPT (jan23):

The tragedy of the commons is a concept that describes a situation where a shared resource (such as land, water, or air) is overused and eventually depleted because individuals or groups acting in their own self-interest do not consider the long-term consequences of their actions. The idea behind the tragedy of the commons is that when resources are shared and no one is held accountable for their use, there is a tendency for people to overuse and deplete them.

Usury can be related to the tragedy of the commons in some ways. For example, when people take on more debt than they can afford to repay, and when banks and other lending institutions engage in predatory lending practices, it can lead to a situation where individuals and communities are overextended and overburdened with debt. This can cause financial stress and instability, and can lead to a lack of trust and cooperation among community members, similar to the tragedy of the commons.

However, it’s important to note that the tragedy of the commons refers to the overuse of shared resources while usury refers to the lending of money at exorbitant or illegal rates of interest. These are different concepts, but they can have some similarities in terms of consequences.

To avoid the tragedy of the commons and usury, it’s important to promote fair and sustainable lending practices, to enforce laws and regulations that prohibit usury, to educate people about the risks of taking on too much debt, and to support policies and programs that promote economic growth and job creation in local communities.

Me: Usury leads to the believe that people need loans (with usury)?

ChatGPT:

Usury, the practice of charging excessive or illegal rates of interest on loans, can lead people to believe that they need loans in order to achieve certain goals or to maintain their standard of living. This can happen when lending institutions market their products aggressively and make borrowing seem like a normal or even necessary part of daily life. This can also happen when people are facing financial difficulties and are desperate for cash, and they may not fully understand the terms and conditions of the loan they are taking out.

This kind of belief can lead people to take on more debt than they can afford to repay, and can make them vulnerable to predatory lending practices. It can also lead to a cycle of debt, where people are constantly taking out new loans to pay off existing ones, and can cause financial stress and instability.

It’s important to note that in some cases, taking out a loan can be a reasonable and responsible decision, especially when it’s used to finance investments that will generate income in the future. However, it’s important to be aware of the terms of the loan, the interest rate and the total cost of the loan, and make sure that the loan is affordable and that the borrower understands the terms and conditions.

It’s also important to educate people about the risks of taking on too much debt and the consequences of usurious practices, to enforce laws and regulations that prohibit usury, and to promote fair and sustainable lending practices.

Buy the AI a drink (in holofuel)

NFT

Extra:

-Overpopulation
-Sustainable Development
-Resource Exhaustion
-Commons Dilemma
-Collective Action Problem
-Social Dilemma
-Overexploitation
-Environmental Degradation
-The Tragedy of Free Riding
-Game Theory

Wikipedia:

Affiliate:

Books:

  • “The Tragedy of the Commons and Collective Action” by Elinor Ostrom (1990)
  • “Usury in Christendom: The Mortal Sin that Was and Now is Not” by Michael Hoffman (2013)
  • “The End of Overeating: Taking Control of the Insatiable American Appetite” by David A. Kessler (2009)

Documentaries:

  • “Cowspiracy: The Sustainability Secret” (2014)
  • “An Inconvenient Truth” (2006)
  • “The True Cost” (2015)

Movies:

  • “Wall Street” (1987)
  • “The Big Short” (2015)
  • “Margin Call” (2011)

TV Series:

  • “Breaking Bad” (2008-2013)
  • “Mr. Robot” (2015-2019)
  • “Billions” (2016-)

Songs:

  • “Money” by Pink Floyd (1973)
  • “Mo Money Mo Problems” by The Notorious B.I.G. feat. Mase and Puff Daddy (1997)
  • “Material Girl” by Madonna (1984)

Artworks:

  • “Oxford Circus” by Banksy (2002)
  • “Diamond Dust Shoes” by Andy Warhol (1980)
  • “The Physical Impossibility of Death in the Mind of Someone Living” by Damien Hirst (1991)

Podcasts:

  • “Planet Money” by NPR
  • “Freakonomics Radio” by Stephen Dubner
  • “The Inquiry” by BBC World Service

Purpose: to create usury-awareness

Would you agree…

#Usury #UsuryC #UC050 #UC051 #UC052

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