Rationing and Abundance

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Thanksgiving and related observations have been a running theme this week.  Thanksgiving reminds us of how much abundance we truly have.  It’s hard not to recognize when there are tables full of fattening, succulent dishes, enough to rival the feasts of medieval kings.

In spite of that marvelous abundance, however, rationing is still very much a reality.  The inescapable fact of economics—indeed, the whole purpose of the field—is that there are only so many resources to go around, and societies struggle to figure out how best to allocate those resources.

This problem is particularly true when it comes to our most valuable resource:  time.

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