Posts Tagged ‘scarcity’

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.

Adam Smith: Common Scarcity

Posted by admin on Monday, January 6, 2020

Adam Smith Money Quote saying (The Wealth of Nations, 1776) that one of the most frequent complaints heard is that there isn’t enough money. Adam Smith said:
 
No complaint... is more common than that of a scarcity of money Quote
 

“No complaint… is more common than that of a scarcity of money” — Adam Smith

 

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In this quote, Adam Smith seems to be commenting on a common public perception regarding money availability. By stating that “no complaint…is more common than that of a scarcity of money”, Smith implies that shortages of currency available in circulation are frequently cited as an economic concern.

However, Smith’s broader work indicated a more nuanced understanding of money supply. The quote conveys Smith’s observation that lack of money on hand is a frequent public talking point, yet his economic philosophy recognized money’s role is to enable exchange, not be hoarded, and that a growing economy and innovation tend to self-regulate money availability through market forces as needs and production expand.

Overall, while acknowledging money shortage complaints, Smith appeared to believe well-functioning free markets could generally meet liquidity needs, and that broader economic growth and trade were more important to overall prosperity than money’s physical quantity alone according to the principles in his seminal book The Wealth of Nations.

Milton Friedman: Scarcity in Midst of Plenty

Posted by admin on Sunday, September 16, 2018

Milton Friedman Money Quote saying he could not abide by the conflicting existence of poverty when there is wealth everywhere surrounding us. Milton Friedman said:
 
problem of scarcity in the midst of plenty ... of people starving while there are unused resources  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 scarcity and lack of access to resources in a world where abundance exists.

He notes the paradox of people starving even though there are unused resources and skills that could help address food shortages if put to use. Friedman seems to be criticizing an inefficient allocation and distribution of the world’s resources, where wealth and necessities are not being shared equitably.

His quote suggests that with better coordination and cooperation, global problems like hunger could potentially be solved or mitigated by making use of readily available assets and skills that currently go underutilized.

Overall, Friedman is highlighting the disconnect between widespread plenty on the one hand, and localized scarcity causing real hardship on the other, due to failures of coordination and access rather than any absolute lack of means.

Charles Eisenstein: Scarcity of Money

Posted by admin on Sunday, August 6, 2017

Charles Eisenstein Money Quote saying lack leads to fear of lack and overcompensation to fend off the scarcity – so we focus on being without to the detriment of gratitude. Charles Eisenstein said:
 
From the scarcity of money comes the habit of greed Quote
 

“From our immersion in scarcity arise the habits of scarcity. From the scarcity of time arises the habit of hurrying. From the scarcity of money comes the habit of greed” — Charles Eisenstein

 

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This quote from Charles Eisenstein suggests that the mindset and behaviors of scarcity are shaped by living within social and economic systems defined by lack. He argues that when time feels scarce due to constant busyness and time pressure, people develop hurried and rushed habits. Similarly, when money is scarce and resources limited, the habit of greed arises as people focus more on accumulating wealth and possessions for the sake of security and survival within an environment of insufficiency.

Eisenstein seems to be implying that the conditions of scarcity themselves breed corresponding scarcity-oriented habits and mindsets that perpetuate the very problems of lack. The quote conveys the idea that immersing oneself in an economy and culture emphasizing competition, busyness and deficiency cultivates scarcity-based patterns of thinking and behaving as a means of coping with insufficient conditions.

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