There are many problems in our world today. Most people -- people who present the news, for example, and people who receive the news -- most of them seem to think the problems are political.
I think the problems are economic. So I googled the economic problem. You can probably guess what the search turned up: Scarcity.
Almost everything Google turned up was a restatement of what Lionel Robbins said about scarcity, something he said in 1932, before there was such a thing as macroeconomics.
I asked about the economic
problem because I think there is one central, overriding problem, one
root problem from which our many problems grow.
Google answered: Scarcity.
It reminded me of "the motto of Mr. Crockett's company: Many problems, one solution." But the central problem of our time is not scarcity. It is excessive private-sector debt.
The one solution is to reduce that debt.
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