Why We Need Private Property To Deal With Scarcity – ValueWalk Premium

Why We Need Private Property To Deal With Scarcity

Why We Need Private Property To Deal With Scarcity by Patrick Barron, Mises Institute
Scarcity of resources exists in many forms and is the problem in economics. If resources were not scarce, there would be no need to economize. The existence of scarcity is true of all resources (such as time, human energy, and natural resources). However, it is not necessarily intuitive that allowing scarce resources to be owned privately is the solution to this problem.

Consequently, socialism appears attractive . . .

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