Scarcity, Opportunity Cost and Competition impact our decision-making moment to moment. This makes economics the basis of life as we know it, after God. Nothing that people value is free, someone pays the cost. To gain that thing of value, scarce resources are given up and cannot be given up again for a different thing of value. And we all are competing to capture those scarce resources.
Thursday, August 19, 2010
Clash of Civilizations, it's a war of ideas here, people!
Great essay, thought provoking for sure. Unless and until we as a people realize the exceptional nature of our culture/civilization (Western), to remain or return to becoming that 'shining city on the hill' (love Reagan), we're doomed. Moral equivalence is a cultural cancer. Tolerance (NOT advocating aggression) is a one way street, and the tolerant one is probably directed against traffic and shall soon be run over. http://online.wsj.com/article/SB10001424052748703426004575338471355710184.html
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Share your unique economics experiences. What did you have to give up to gain that which at the moment seemed so necessary to you? Imperfect information spanked you and now diminishing marginal utility smacks you upside the head, eh?