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Gov. Jerry Brown signed legislation on Tuesday overhauling the state's management of its groundwater supply, bringing it in line with other states that have long regulated their wells. This is really important because california has large agriculture based businesses (central valley). In fact, the oppositions to the legislature were people in the agriculture business. This potentially allows water companies and regulators to intervene if water use is excessive or improper. This is an article directly discussing scarcity of water and natural resources and how the government regulates these resources. This passing of this legislature could also have some opportunity cost along with it; less water=maybe more expensive food, less food, more chance of dying crops (?)

This is an article about the regulation of diesel price by using the price mechanism. An the effect of this regulation on the inflation.

New Delhi: Some 12 key drugs which are used in cancer treatment, may come under price control. National drug price regulator has sought comments on recommendations of Tata Memorial Centre to add 12 drugs in the National List of Essential Medicines (NLEM) while asking for deletion of three drugs.The Tata Memorial Centre had said that there was huge scope for price reduction of these drugs, which are commonly used by those suffering from different kinds of cancer.

NEW DELHI: The country's premier oncology treatment institute Tata Memorial Centre has recommended inclusion of 12 key cancer drugs in the national list of essential medicines (NLEM), prices of which are regulated by the government, an official source said.

A commodity boom has helped pull millions out of poverty across South America over the past decade. It has also unleashed a new scramble for oil, minerals and cropland that is accelerating deforestation and fueling a new wave of land conflicts from Colombia to Chile. The land and the forests are poorly regulated and protected leading to illegal plundering of resources which end up deteriorating and damaging the environment. This article is also a good example of negative externality of consumption and how demand can indirectly increase the damage inflicted on the environment. Since the amazon rainforest is only protected in some places and not in others (and the protected places are still open to the public), it is a common resource that is constantly being violated and reduced.

Our modern global economy struggles with the challenge of using limited natural resources without exhausting them. It seems difficult to keep the common privatised and put regulations so that they arent overused by the community. In addition to that it was mentioned that privatisation can lead to the destruction of local economies in some cases

This article discusses how water is being sold too cheaply, even when there is a drought. Here price mechanism should come in to regulate and allocate scarce resources. It says that people consuming the water have no incentive to stop wasting if the price is so low

Also, Water is quite inelastic since people will continue to use it (largely because we need it). The fact that it is so inelastic can actually be dangerous. this is because we continue to consume it whether or not the price increases.