In a recent column Ben Stein quotes Peter Flanigan's formulation of an economic axiom:

There is no such thing as scarcity and no such thing as surplus. There is only price.

(cf. New York Times 11 Sep 2005, "After Katrina, Invest in Oil, but Shut Off the A.C." by Ben Stein; cf. MoneyWisdom (20 May 2001), EinBenStein (19 Sep 2002), ...)

TopicEconomics - TopicScience - 2005-09-13

(correlates: EinBenStein, RootingForTheYankees, SecondLargestInvestment, ...)