Paul Krugman Proves He Doesn't Understand Scarcity

Paul Krugman is no beginner when it comes to economic fallacies.  From calling for a Federal Reserve-engineered housing bubble to bring the U.S. out of the dot-com recession to actually declaring that there is a free lunch to be enjoyed with money-printing, the Keynesian bulldog has proven himself totally ignorant of the concept of scarcity. Scarcity, of course, is the sole reason why men economize and produce.  It is the means to achieve food, water, shelter, and all other goods which allow the species to survive.  If there is no scarcity, there is no market economy.  Scarcity implies opportunity costs, as nothing comes without a cost in terms of time and quantity.  Purchasing an ice cream cone on a hot day means that money spent can't be sued for anything else.  Going for a drive on a Friday afternoon means that time spent driving can't be spent enjoying other activities. Scarcity is a simple concept with broad implications.  When a Nobel...(Read Full Article)

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