Economicae
 
 
 InvisibleHands
 
 

 
 
Wants

 

(Economists have) ... an irrational passion for dispassionate rationality.

John Maurice Clark

      Constraints on resources and time are only one of two important dimensions of scarcity. The other dimension of scarcity stems from our unlimited wants.  Try to imagine consuming all the cars, clothes, or gourmet meals you would want if they were costless. Even if your all desires for some goods were met, being so satisfied that you could think of nothing else that would add to your happiness is hard to imagine—interesting conversations, intriguing films, travel, or closer friends, for example. You will always want more goods and pleasures for as long as you live. If all wants could be met, economics would be irrelevant because decisions would never be required. But most people thrive on a bit of adversity and would find this imaginary world boring.

 

 

 

InvisibleHandB

UNC CH Clubs

 

    ©2008 EconomicsInteractive.com