What if money were no object, would that be a problem?
What if you could buy whatever you wanted, as much of it as you pleased, and you didn’t care about the cost?
Many of us would call that a nice problem to have. And even more of us would certainly like to have at least greater financial latitude to do the things we want to do. Nothing wrong with that, it helps you get up in the morning.
But blogger “Captain Capitalism” puts forward some really great ideas on how being “richer than Midas” could stunt you in some really important ways.
Check it out:
The sworn enemy of economists is not debt, as you may presume. It’s scarcity.
The reason why is that if you eliminated “scarcity” you would have unlimited “wealth,” solving all of the economic problems of the world.
However, terms like “scarcity” and “wealth” have very specific meanings to economists and when compared to the meanings associated with them by normal people, there is some miscommunication.
“Scarcity” means that there is only a limited amount of the stuff. Technically, everything is scarce. There is a limited amount of dirt. There is a limited amount of rocks. However, when it gets to things like oil, gold, iron ore, etc. things become a little more scarce. Because of this people must be efficient, they must be “economic” in their decisions on how to use these scarce resources to get “the most” out of them.
Get the most what?
Get the most “wealth.”…