If by "manage" you mean "make sure the scarce resource goes to the highest bidder". That's not the same as maximizing overall happiness, because purchasing powe

If by "manage" you mean "make sure the scarce resource goes to the highest bidder". That's not the same as maximizing overall happiness, because purchasing power ≠ capacity for happiness. In fact it's often the reverse. The person who can get the most happiness from a glass of water might be the least able to afford it.