Some of my best friends are economists, but theirs is not a pleasant subject.
Economics is the study of how scarce resources are allocated. But scarce resources don't just consist of money or minerals. They also entail status and people.
In Shakespeare's tragedies there is only one crown -- it's a scarce resource -- and all that fervent sadness and catastrophe revolves around competition for this one limited resource, which confers status and power. Or in Othello, where there is no crown, there is rivalry over the beautiful and gracious Desdemona -- there's only one Desdemona. Meanwhile, the villainous Iago is angry because he wasn't promoted to lieutenant--there's only one lieutenant, which becomes a scarce resource.
Indeed, if you want to study economics, read lots of Shakespeare.
This is Tom McBride and that’s my Perspective.
