"The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics"
About this Quote
The subtext is less about budget math than about incentives and storytelling. Politicians are rewarded for promising abundance, not for narrating opportunity cost. Voters are likewise primed to hear “we can have it all” as compassion and “we can’t” as cruelty. Sowell is pointing to a structural mismatch: the discipline that studies constraints and the profession that wins by denying them. The wit is in the parallel phrasing - “first lesson” vs. “first lesson” - which frames the conflict as foundational, not incidental. Economics is the realm of limits; politics is the realm of optics.
Context matters: Sowell emerged as a prominent conservative public intellectual during an era when inflation, welfare debates, and expanding government programs made “scarcity” feel like an accusation aimed at the state itself. The quote is an argument for skepticism toward policy promises, especially those that treat resources as infinite and trade-offs as optional. It’s also a subtle warning about moral theater: when politics ignores scarcity, it can rebrand hard choices as someone else’s greed - and sell that rebrand as justice.
Quote Details
| Topic | Wisdom |
|---|---|
| Source | Help us find the source |
| Cite |
Citation Formats
APA Style (7th ed.)
Sowell, Thomas. (2026, January 15). The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics. FixQuotes. https://fixquotes.com/quotes/the-first-lesson-of-economics-is-scarcity-there-83500/
Chicago Style
Sowell, Thomas. "The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics." FixQuotes. January 15, 2026. https://fixquotes.com/quotes/the-first-lesson-of-economics-is-scarcity-there-83500/.
MLA Style (9th ed.)
"The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics." FixQuotes, 15 Jan. 2026, https://fixquotes.com/quotes/the-first-lesson-of-economics-is-scarcity-there-83500/. Accessed 5 Feb. 2026.






