Mises Wire
Author:
Joshua Mawhorter
Online Publish Date:
One of the first laws of economics—in fact, the condition that makes economics possible and necessary—is scarcity. On page one of Basic Economics , Thomas Sowell wrote, “Without scarcity, there is no need to economize—and therefore no economics.” While defining scarcity and its critical role in economics, I like to ask my students in a Christian