Quotes

Core of economics is inquiry into the nature of wanting

Economics is often defined as the study of the allocation of scarce resources. But “scarcity” doesn’t simply exist: it is produced by the interaction of our wanting and what exists or is produced, viz. the interaction of demand and supply. Hence, the fundamental economic problem is the management of the tension between what is produced and our desiring, our wanting. At the core of the study of economics and the systems that arise from it is an inquiry into the nature of our wanting.