What is Garrett Hardin's critique of the free market economy?

Garrett Hardin's critique of the free market economy centers on the idea that individuals acting in their self-interest can lead to the over-exploitation of resources, a phenomenon he famously illustrated through the concept of the "tragedy of the commons." This concept explains that when individuals prioritize their own short-term gain without considering the long-term impact on shared resources, it results in depletion and degradation of those resources.

For example, in a shared pasture, if each herder maximizes their own benefit by adding more animals without restriction, the pasture can become overgrazed, ultimately harming all users. Hardin argues that this self-interested behavior does not take into account the collective good and can lead to resource depletion, which poses a serious challenge to sustainable practices. Hence, the critique underscores the limitations of a free market system that relies solely on individual self-interest to manage communal resources effectively.