Re: Economics
The free market is not a magic pill. Free markets work well for many things but they cannot be trusted with depletable resources like fish. If you are a fisherman the more fish you catch the more money you make. This motivates the fisherman to catch as many fish as possible thus with many fisherman doing this it leads to the collapse of the fishery. The thing is that the less fish there are -the more they are worth thus the lower the fish population - the higher the motivation to catch them in the free market. Many examples of depleted resources fall into this catagory a good example is the depleted cod fishery in the USA waters which never recovered from overfishing. The free market cannot be trusted to regulate these kinds of resources and this is where the role of government becomes important.
The free market is not a magic pill. Free markets work well for many things but they cannot be trusted with depletable resources like fish. If you are a fisherman the more fish you catch the more money you make. This motivates the fisherman to catch as many fish as possible thus with many fisherman doing this it leads to the collapse of the fishery. The thing is that the less fish there are -the more they are worth thus the lower the fish population - the higher the motivation to catch them in the free market. Many examples of depleted resources fall into this catagory a good example is the depleted cod fishery in the USA waters which never recovered from overfishing. The free market cannot be trusted to regulate these kinds of resources and this is where the role of government becomes important.
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