Friday, November 16, 2018

The Essence of Economics

In his forward to Wealth and Poverty, Steve Forbes wrote, "Economists ill-serve themselves by describing economics as being about the allocation of scarce resources. It is about the creation of resources."

He then gave an example: "Oil, for instance, is described as a natural resource. It isn't. In and of itself it is simply sticky glop. It was human ingenuity that turned this goo into something the world can't live without."

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