Artificial Scarcity and Resource Waste – James M. Buchanan Quote

„If you create an artificial scarcity through public policy, artificial rent so to speak - setting up a new import quota or giving out a particular office that is very beneficial - people are going to invest money, time and resources in trying to secure that opportunity. If the value is created independently of the search for it, the search for it is wasted.“

James M. BuchananJames M. Buchanan explains the effects of artificial scarcity from government policy and the associated waste of resources.
PreviousNext

James M. Buchanan was an American economist and Nobel laureate, known for his work on public choice theory.

This quote addresses the negative effects of artificially created scarcity through government intervention and the resulting inefficient investments of resources.


Translation or original: 🇩🇪Click here

Quelle: Hier klicken

i

3.0 / 5

James M. Buchanan quote about artificial scarcity and wasted resources

James M. Buchanan (1919–2013) was an American economist best known for developing public choice theory, analyzing political behavior using economic principles. He was awarded the Nobel Prize in Economic Sciences in 1986.

Murray Rothbard quote about scarcity, economic resources, and the free marketCopyright © yoice.net – Quote Artwork
/
0 Comments
"One of the most important features of our economic resources is their scarcity: land, labor, and capital goods factors are all scarce, and may all be put to various possible uses. The free market uses them 'productively' because the producers are guided, on the market, to produce what the consumers most need: automobiles, for example, rather than buggies." Murray Rothbard
Read more
James M. Buchanan quote about profit opportunities attracting investmentCopyright © yoice.net – Quote Artwork
/
0 Comments
"People share a universal behavioural trait: if there are profits to be made, the effort to get that money will attract investment. This is true in the private sector, the market sector, as well as the public sector." James M. Buchanan
Read more
Quote image featuring Murray Rothbard's perspective on the state and private economyCopyright © yoice.net – Quote Artwork
/
0 Comments
"The public sector can only feed off the private sector; it necessarily lives parasitically upon the private economy. But this means that the productive resources of society - far from satisfying the wants of consumers - are now directed, by compulsion, away from these wants and needs. The consumers are deliberately thwarted, and the resources of the economy diverted from them to those activities desire by the parasitic bureaucracy and politicians." Murray Rothbard
Read more
Murray Rothbard quote about money, scarcity, and the effects of increasing the money supplyCopyright © yoice.net – Quote Artwork
/
0 Comments
"Money is different from all other commodities: other things being equal, more shoes, or more discoveries of oil or copper benefit society, since they help alleviate natural scarcity. But once a commodity is established as a money on the market, no more money at all is needed. Since the only use of money is for exchange and reckoning, more dollars or pounds or marks in circulation cannot confer a social benefit: they will simply dilute the exchange value of every existing dollar or pound or mark." Murray Rothbard
Read more
Ivan Illich quote about medicine, health, and commercializationCopyright © yoice.net – Quote Artwork
/
0 Comments
"The more time, toil, and sacrifice spent by a population in producing medicine as a commodity, the larger will be the by-product, namely, the fallacy that society has a supply of health locked away which can be mined and marketed." Ivan Illich
Read more
Ludwig von Mises quote about economic policy and state interventionCopyright © yoice.net – Quote Artwork
/
0 Comments
"State interference in economic life, which calls itself economic policy, has done nothing but destroy economic life. Prohibitions and regulations have by their general obstructive tendency fostered the growth of the spirit of wastefulness." Ludwig von Mises
Read more
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Mahatma Gandhi Quote on Truth and Individual FreedomInspirational Mahatma Gandhi quote image about truth and individual freedomCopyright © yoice.net – Quote ArtworkJames M. Buchanan quote about interest groups, market solutions, voluntary exchanges, and economic libertyCopyright © yoice.net – Quote ArtworkQuote by James M. Buchanan on Interest Groups and Market Economy