Milton Friedman: Scarcity in Plenty

Posted by admin on Saturday, September 5, 2020

Milton Friedman Money Quote saying the biggest problem is lack when there is excess and people are idle when they need work. Milton Friedman said:
 
My major problem with the world is a problem of scarcity in the midst of plenty ... of people starving while there are unused resources ... people having skills which are not being used Quote
 

“My major problem with the world is a problem of scarcity in the midst of plenty … of people starving while there are unused resources … people having skills which are not being used” — Milton Friedman

 

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Milton Friedman is expressing frustration with the paradox of scarcity existing alongside plenty or surplus. While there are unused resources and skills going underutilized, some people still experience scarcity through starvation or lack of opportunities.

Friedman sees this as an unnecessary problem, since in theory the available but unused resources and skills could help address the scarcity felt by others.

His point is that scarcity for some persists even when there are ample means and abilities available in society to help alleviate it, if those resources and skills were better distributed or coordinated.

Friedman views the mismatch between surplus and scarcity as an issue that reflects flaws in how the world economy and opportunities are organized.

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