Sunday, April 14, 2013
Zachary Karabell — The ‘laws of economics’ don’t exist
Not the strongest argument that could be mounted, but the idea is right. All too often the phrase, "the laws of economics," is a rhetorical device used by ideological advocates meant to persuade and convince others of the necessary truth of their position. NOT.
Reuters
The ‘laws of economics’ don’t exist
Zachary Karabell
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3 comments:
"Laws of economics" doenst even make sense.
"Laws of House Law" whaaaaaatttt?????
The word "economics" MEANS "house law" in the first place...
I don't know. When people invoke the "laws of economics" they're often invoking scarcity. I think the fact that you can't consume more than exists is about as ironclad as laws get.
Yes, and "scarcity" means scarcity of supply, i.e., product, wrt notional demand. Resources? Not so much. Resources are presumed infinite, which is required for unlimited growth.
The fact is the that product is generally in oversupply wrt to effective demand, and resources are dwindling through over-exploitation and externalities.
"Scarcity" may seem intuitively evident, but it is a lot more complex when questions begin to be asked.
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