NYMC > News and Events > NYMC in the News

We Want A Federal Budget Where The Trade-Offs Support Life, Not Death

April 05, 2017
Journal News
Journal News

When I entered college, I took a course in introductory economics. Human wants are unlimited, I learned, but resources are limited. Therefore, we have to make choices about what we spend money on. That, I was told, was what economics was all about — how we make choices and allocate resources. My economics textbook illustrated the point by quoting from Nazi Germany’s Propaganda Minister Joseph Goebbels who said: “We can do without butter, but, despite all our love of peace, not without arms. One cannot shoot with butter, but with guns.” It was about trade-offs, my professor taught us. There is a trade-off between a nation’s investment in military and civilian goods. In simplistic terms, a nation has to choose between buying guns (invest in the military) or butter (invest in civilian goods). It is, of course, not that simple but as a 17- year-old, I got the point. A government budget has to balance priorities.

NYMC Mention: Edward C. Halperin, M.D., M.A., chancellor and chief executive officer

Source: Kevin MD