[2] He was Greek Reader in 1823, Mathematical lecturer and Drummond Professor of Political Economy (1832–1837) at Christ Church, Oxford (successor to Nassau Senior).
However, Hardin's use of Lloyd's example has frequently been misunderstood, leading him to later remark that he should have titled his work "The Tragedy of the Unmanaged Commons".
In an inclosed pasture, there is a point of saturation, if I may so call it, (by which, I mean a barrier depending on considerations of interest,) beyond which no prudent man will add to his stock.
Were a number of adjoining pastures, already fully stocked, to be at once thrown open, and converted into one vast common, the position of the point of saturation would immediately be changed".
[6]In his Lectures on Population, Value, Poor Laws and Rent (1837) he introduced a concise and complete statement of the concept of diminishing marginal utility, and connected demand to value, but he presents neither derivation nor elaboration.