Lessons learned from a Saudi prince: Why scarcity is a good thing

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.