Scarcity of water in the world essay

On the opposite side of the coin there are the nonscarce goods. These goods don’t need to be valueless and some can even be indispensable for one’s existence. As Frank Fetter explains in his Economic Principles: “Some things, even such as are indispensable to existence, may yet, because of their abundance, fail to be objects of desire and of choice. Such things are called free goods. They have no value in the sense in which the economist uses that term. Free goods are things which exist in superfluity; that is, in quantities sufficient not only to gratify but also to satisfy all the desires which may depend on them.” As compared with the scarce goods, nonscarce goods are the ones where there can be no contest over its ownership. The fact that someone is using something doesn’t unable anyone else to use it. For a good to be considered nonscarce it can either have an infinite existence, no sense of possession or it can be infinitely replicated. [3] However, a different stream of thinking with regard to scarcity states that there is no good that is truly non-scarce. Although some goods and materials appear completely abundant, ensuring quality standards of these goods creates costs to society. A prominent example can be the costs to reduce air pollution. Stating that non-scarce goods don't exist also follows the maxim "there's no such thing as a free lunch", one of the core theories in capitalist economic theory.

Scarcity of water in the world essay

scarcity of water in the world essay

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