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Antonio Turiel: "Deep Challenges: Oceans, Scarcity and Culture"

The Great Simplification with Nate Hagens

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The Economics of Rationing

The Ukraine situation has at least made the words that you just said sound somewhat plausible. Rationing always is seen as a failure of the market because the market should be able by definition to provide a substitute. But even in the case of materials it happens that you have not really a proper substitute. So this is a vision why a standard economic theory does not contemplate rationing. The way in which you are rationing is a political decision, I'm pretty sure that it is going to be presented as it has happened in the cases of Europe.

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