Article Review Poisoned Water essays

Article Review Poisoned Water essays 1. In this particular case, it is not simply enough for the factory owner to state that he cannot afford to operate an economically sound factory. It is not only his economic future, or indeed his legal future, that is at stakeit is also the rights of the individuals whose lives may be affected by his environmentally and economically irresponsible behavior. Furthermore, clean water is a scarce resource. Unlike sunlight, it is not naturally renewable. By tainting this resource, the individual impedes the economic development of others. For instance, if I cannot go to work because I am sickened by the pollution from the factory, my own economic health One useful economic model to deploy when examining the irresponsible behavior of the factory owner might be to posit the Classical model of economics, as suggested by Adam Smith, which in fact does not propose an entirely hands off' relationship between government and industry. For instance, if a monopoly develops, the government, in this economic model, the government free to step in and break down the monopoly, to recreate a free economy where competitors can generate a healthy economic stasis of supply and demand. Here, the government must step in and assert that a healthy environment must be created for the general welfare as well as the economic stasis of all afflicted members of the community who are not privy to access to other sources of clean water. 2. Allocating the property rights to those who use the river as their primary source of clean water would generate an allocatively effective outcome because those individuals would have a personal and economic interest in keeping the water clean. At present, the current possessor of the rights to the water does not have such self-in ...