by Walter E. Block
The Daily Bell
When most people think of water shortages, lack of rainfall comes to mind; desserts pop up in the imagination.
When economists contemplate such situations, supply and demand curves leap to the fore (Psst: I’m not supposed to reveal this secret, but I can hold it in no longer: when you get a Ph.D. in economics, part of the required ceremony is they give you a tattoo of this diagram on your backside; don’t tell anyone else about this!).
The shoemaker looks at the world from the perspective of footwear, the haberdasher sees clothing first, and the dismal scientist thinks in terms of supply and demand (or they recall his Ph.D).