Business, 27.03.2020 02:13 axonify

It has been argued that any government policy aimed at nonrenewable resource conservation is an unwarranted interference with the free market. According to this point of view, if a resource is likely to become scarce, the people most likely to realize this are the private investors and traders who deal in the resource. If they anticipate scarcity, they will hold stocks of the resource for future profit, driving up its price and leading to conservation. Any action by government bureaucrats is likely to be less well informed than those of profit-motivated private firms. Evaluate this argument. Do you think that there are cases in which government should step in to conserve specific resources? If so, which policy tools should they use?

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