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Economic Problems
Question #1) The economic problem is one of having unlimited wants, yet limited resources with which to satisfy these wants. Ghandi once said "There is enough for the needy, but not for the greedy." This statement has a deep and profound message behind it. It means that poverty and starvation could be eliminated if only the wealth of the world was distributed equally amongst everyone. If everyone in the world used only what they needed to survive, and didn’t get greedy, there would be no economic problem. However, the only way to achieve this is to control our selfish desires. Some say that this is not a feasible scenario, yet some cultures and optimistic individuals say that it can be one. The role of scarcity, or the limited nature of resources plays a big part in the economic problem. The major implication of Ghandi’s statement is that there will never be enough resources to satisfy the wants of everyone in the world, it’s just not physically possible. Question #3) JOAN ROBINSON, 1903-1983 Denoted as being one of the most cutting-edge economists of the 20th century. Unlike most, she was not a "one idea" person, yet made many fundamental contributions in different areas of economics. Joan Robinson introduced the theory of imperfect competition to economics. Although she taught a... Please login to view comments from other users.
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