Affording It All: Can we really have everything?

Sheldon-richman

"We live in a world of scarcity. Individually and collectively we want more than available resources can yield. That will remain true even as the supply of resources expands. That’s how people are. Ends exceed means. Demand exceeds supply. That’s why we economize and  always will. That is why human action is choosing. That is why we face tradeoffs all the time. Indeed it is why the discipline of economics exists."

"And it is why we prioritize, that is: “arrange or deal with in order of importance.” Since resources and time are limited, we have to rank our ends so 1) we don’t expend resources achieving a less-important end at the expense of more-important ends, and 2) we don’t achieve a less-urgent end at the expense of a more-urgent end."

So can we have it all? Can we have "free" health care? Can we have "free" education?

There are limits.

Read more here…

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