McCloskey: Is a college education worth the time and money it costs?
The students are facing economic choices. Chapter 1 introduced the concept of scarcity. The main point was that scarcity necessitates choice. Even a multi-millionaire is limited in his options. The J. Paul Getty Trust, endowed by a Texas oil man, has built an enormous museum in the Santa Monica Mountains near Los Angeles. Even though the Trust is one of the world's richest cultural foundation, it can't have everything, can it? Its director worries that its $800 million annual budget may not be enough. "Enough"? Not enough to satisfy unlimited desires. We simply can't have everything on our wish list. We must choose.
The question here is how people choose. How do economists think about the resource constraints and decisions faced every day by consumers, businesses, governments, and communities?
Concept Check 1: If Maria were to argue that "Going to college should not have to be a choice. It should be everyone's right," how might an economist respond?