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IPFS News Link • Employment & Jobs

Why We'll Never Run Out of Jobs

• https://fee.org, Donald J. Boudreaux

This is indisputable. The existence of scarcity implies the existence of desires as yet unmet. The challenge is to discover and arrange opportunities to use resources in ways that cost-effectively allow us to satisfy as many as possible of these desires.

Most human desires are not worth satisfying, for the costs of satisfying these low-ranking desires – namely, the subjective value to us of desires that must go unmet in order to use whatever resources are used to satisfy low-ranking desires – are too high. For example, for me to satisfy my desire to know how to play the piano is too costly, as I judge matters. While I'm confident that knowing how to play the piano would give me positive pleasure, the time and effort that I must sacrifice to gain this knowledge is too great. So I will likely go to my grave not knowing how to play the piano.

And what is true for me and piano-playing is true for me and the playing of the clarinet, the trumpet, the flute, the trombone, the guitar, and lots of other musical instruments. My desire to know how to play these musical instruments ranks too low, in my scale of preferences, to justify my actually taking the steps necessary to satisfy this desire. So these desires of mine go unmet.


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