An Economic Philosophy

Better not to have at all than to conserve. There is in waste an infinite utility. And in scarcity an infinite disutility. There is in declining block rate electric utility pricing, in the all-you-can-eat buffet, in the inclusion of lump-sum gas and electric charges in apartment rental payments, in airlines with a chronic 50% load factor, and in the unlimited voice and data plan a nobility that only civilization can achieve. Just as a well-engineered car should allow us complete freedom of choice regarding how fast to drive, regardless the pressures on the engine under the hood, until it melts, so too should a well-regulated economy offer us complete freedom regarding how much to consume, regardless the demands placed on the markets under the hood, until they run dry. The job of an economy is not just to manage scarcity, but to create the illusion of having conquered it.