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Economic Use Of Resourses Essay

759 words - 4 pages

The focus on this page is about the water scarcity problem due to drought in Tampa Bay region and how the Swiftmud and Tampa Bay Water could allocate the available resource to the public both economically as well as empathetically. Authors Robert L. Beekman and Brian T. Kench, have used Friedrich Hayek’s ideas to construct a rational economic order. Friedrich has stressed on few points in his book “The Use of Knowledge in Society”, on how to solve the economic problems and how to make the best possible decisions with the given information, which we will see in this paper.
The economist Friedrich Hayek has explained in his papers on how to find an economic order with a few considerations and ...view middle of the document...

He talks about the origin of economic problems and it always arise as a consequence of change. Friedrich also talks about how inefficient managers could ruin the pricing strategy, which will directly affect the business as a whole. Also managers who are able to adapt to the changes are the ones who solves the problem, which keeps the business alive on a longer run. He highlights on how the whole system adapts to a common pricing which an individual who knows the relevant facts and knowledge of that product initially set.

The article on the Tampa Bay Times by authors Beekam and Kench gives a solution for the water scarce problem that Tampa Bay area had due to an unexpected drought in this area. The Southwest Florida Water Management District, or Swiftmud had to come up with a solution to meet the requirements of the daily usage by the public and the Swiftmud’s decision of limiting the water supply was not appreciated by the public and that’s when the economic professors came up with the tiered pricing strategy. Through this way the lower level of the society are not greatly affected as their usage is below 3,740...

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