Economic Wisdom as an Analogy to Prudence of Separation, Part 1
Sound economic theory assumes the fundamental and undeniable reality of “limited resources.” Lionel Robbins, former Chair in Political Economy at the London School of Economics, defined economics as “the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.”1 Robbins wrote, “But when time and the means for achieving ends are limited and capable of alternative application, and the ends are capable of being distinguished in order of importance, then behavior necessarily assumes the form of choice.