LittleYellowFrog

The BBC are reporting on a study by the New Economics Foundation (NEF) and The Open University which claims that we in the UK are living beyond our means in ecological terms. Needless to say there are those who disagree with the conclusions of the report (or at least with some of its reasoning).

Nevertheless, it does make you wonder whether the counter-assertion stated in the article – that the free market laws of supply and demand will determine where resources are best utilised – stands closer scrutiny. What if the free market works well for individuals but is less suited to ensure the conservation of the world’s resources?