It knows how much water to apply and when; it knows how to economize on water use when supplies are limited.
When environmental resources are underpriced, there is little incentive on anyone's part to develop technologies that economize on their use.
Because of the 1997 reform, which requires that hospital deficits be borne exclusively by the provinces, they are very willing to economize.
A public accustomed to seeing science as an economizing tool could well become discouraged by such prospects.
This is done using a pollution charge (t) that applies only at the end of production periods and therefore greatly economizes on monitoring.
If monetary policy generates a positive nominal interest rate, banks perceive an opportunity cost of holding cash reserves and therefore economize on such holdings.
But when transaction costs are positive, the efficiency principle requires that the form that best economizes on these costs be adopted.
So people have little incentive to economize on their use.
