Major cause of all our problems is economics – Monroe Evening News

by | May 22, 2022 | Financial

Kojo A. QuarteyAlmost all of us are appalled by the recent rash of violence, nationally and internationally. Underscore “almost.”Most recently, there have been violent hate-related shootings in El Paso, Texas, Buffalo, New York, and New Zealand. Then there is the recent violence against people of Asian descent and the numerous other forms of violence against others, which continue to proliferate and mount not only nationally, but also internationally. My heart goes out to all the victims and their families.As an economist, I believe that at the core of all of this is the economic problem of scarcity. Regardless of our gender, race, ethnicity, sexual orientation, religion or any other way that we are different, if it were not for our competition over scare resources, there would be almost no conflict. Simply put, if we all had what we wanted and it was all abundant, then we, as rational human beings, would not be perpetrating violence against each other.Access to power gives access to control of scarce resources (land, labor, capital and management/entrepreneurship), and that in a nutshell is the major cause of all our problems — economics.Let’s start with discrimination. Gary S. Becker, professor of economics and sociology at the University of Chicago, in 1957 published his book, “The Economics of Discrimination.” Becker is quoted as saying, “most economists did not think racial discrimination was economics, and sociologists and psychologists generally did not believe I was contributing to their fields.” Becker‘s concept used a rational individual seeking his/her own self-interest while in …

Article Attribution | Read More at Article Source

Share This