For a bit of history, the term was the title of a 1968 essay [1] based in part on ideas that originated earlier. It becamse popular as a driver for privatization of government services in many Western nations based on the (flawed) idea that privatization would increase "efficiency". All it did was transfer wealth from customers with inelastic demand to newly-minted private owners.
But it never seemed to match reality. The opposite seemed to be true: private resources became over-exploited whereas shared or public resources were successfully managed and shared by communities across the world in some cases going back centuries. This culminated in Elinor Ostrom [2] winning the 2009 Nobel Prize in Economics for officially debunking the idea.
Now I understand how ordinary people still quote this debunked idea. It did become popular. But journalists, particularly those for a publication called The Economist, should know better.
[1]: https://www.econlib.org/library/Enc/TragedyoftheCommons.html