Quote by Thomas Sowell
The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.
Summary
This quote highlights the fundamental concept of scarcity in economics, which implies that resources are limited and can never fully meet the unlimited wants and needs of individuals. However, it also acknowledges that politics often overlooks this reality by pursuing policies and making promises without acknowledging the constraints imposed by scarcity. In essence, it suggests that political decision-making sometimes operates in a way that defies the economic principle of scarcity, leading to potential conflicts between aspirations and practicality.
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