Tjalling Koopmans Quote

According to a frequently cited definition, economics is the study of best use of scarce resources. The definition is incomplete. Second best use of resources, and outright wasteful uses, have equal claim to attention. They are the other side of the coin.


p. 239: Lead sentence - Concepts of Optimality and Their Uses, 1975


According to a frequently cited definition, economics is the study of best use of scarce resources. The definition is incomplete. Second best use of...

According to a frequently cited definition, economics is the study of best use of scarce resources. The definition is incomplete. Second best use of...

According to a frequently cited definition, economics is the study of best use of scarce resources. The definition is incomplete. Second best use of...

According to a frequently cited definition, economics is the study of best use of scarce resources. The definition is incomplete. Second best use of...