“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
Simplified Meaning:
Economics teaches us that there are limited resources and not enough for everyone’s needs. Politics often ignores this and acts as if there are enough resources for everyone.
Related tags
Decision-making Economic theory Economics Limited resources Political science Politics Public policy Resource allocation ScarcityFEATURED QUOTES