Tuesday, July 24, 2012

This is a world of tradeoffs, not solutions. And whatever trade-off is decided upon will still leave unmet needs.

Nothing is a "need" categorically, regardless of how urgent it may be to have at particular times and places and in particular amounts.

By its very nature as a study of the use of scarce resources which have alternative uses, economics is about incremental trade-offs--not about "needs" or "solutions."

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