All Posts Tagged With: "purposeful action"

Econ 101: An Austrian Economist’s Dream

On the first day in an economics class the instructor tells us that “resources are scarce,” but human “wants are unlimited”—hence the eternal “economic problem.” How do we know resources are scarce? We can observe this fact with our senses; we can see that nothing is available in unlimited quantities everywhere and at all times. [...]

1Jan2004 | Arthur E. Foulkes | 0 comments | Continued
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