Quote of the Day – Scarcity

 

The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics. – Thomas Sowell

I am not sure I can improve on this bit of Sowell food for the brain. It explains what is happening in politics today. Politicians see someone in need, and sensing an opportunity for a future vote, provide largess. It does not matter if the resources they allocate are available.  They feel they have done good by legislation of the requirement to provide them.

Unfortunately this country is rich enough that there is no immediate feedback loop to show the folly of this policy. We just borrow more, using what we have as collateral.  Eventually, as Herbert Stein once observed, “If something cannot go on forever, it will stop,” and we end up with an almighty crash. Which the politicians will blame on “looters and wreckers” (as they always have in the past).

They are correct in one sense – looters and wreckers are responsible, but those looters and wreckers are the politicians who ignored the limits of scarcity and the voters who enabled them. Punishment will be meted out to those opposing the policies.  The blame will fall on their negative attitudes.

We could use a man like Javier Milei in this country.  Chainsaw capitalism sounds pretty good to me right now.

Published in Group Writing
This post was promoted to the Main Feed at the recommendation of Ricochet members. Like this post? Want to comment? Join Ricochet’s community of conservatives and be part of the conversation. Join Ricochet for Free.

There are 3 comments.

Become a member to join the conversation. Or sign in if you're already a member.
  1. Bryan G. Stephens Thatcher
    Bryan G. Stephens
    @BryanGStephens

    Indeed 

    • #1
  2. Randy Weivoda Moderator
    Randy Weivoda
    @RandyWeivoda

    Another simple and profound statement from Thomas Sowell.

    • #2
  3. RufusRJones Member
    RufusRJones
    @RufusRJones

    Government Is How We Steal From Each Other™

    The Ludwig von Mises Institute Is Right About Everything™

    • #3
Become a member to join the conversation. Or sign in if you're already a member.