Problem
1. Describe the process of evolution in economic system from ecological and neoclassical perspectives. Provide your own comments regarding the strength or weakness of these two opposing views.
2. What type of resource is water? How can market achieve an efficient allocation of surface water? How is different from the efficiency condition for ground water?
3. Water utilities have a variety of options to chose from when charging their customers for water. Discuss the four common pricing structures used and their advantages and disadvantages.
4. Could taxes be used to price water efficiently? Why or why not?