Shortage
From The Art and Popular Culture Encyclopedia
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"Question :What happens when the Soviet Union takes over the Sahara Desert?" "Answer: Nothing. For fifty years. After that, there is a shortage of sand." --old Russian joke |
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"If you put government in charge of the Sahara Desert, within five years you would have a shortage of sand" is a dictum attributed to Milton Friedman.
In Freedom First, Issues 278-289 (1976)
"Question :What happens when the Soviet Union takes over the Sahara Desert?"
"Answer: Nothing. For fifty years. After that, there is a shortage of sand."
The source cited in Freedom First is National Review, June 25.
- "It is in fact an old Soviet joke, whose first appearance was in NATIONAL REVIEW BULLETIN in 1971, which picked up the joke from the Swiss publication Die Weltwoche. The joke also appears in William F. Buckley’s CRUISING SPEED in 1971."[1]
See also
- Sahara
- Shortage
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In economics, a shortage or excess demand is a situation in which the demand for a product or service exceeds its supply in a market. It is the opposite of an excess supply (surplus).
See also
- Aggregate demand
- Aggregate supply
- Aggregation problem
- Eastern Bloc economies
- Disequilibrium
- Economic surplus
- Effective demand
- Excess demand function
- Excess supply
- Induced demand
- Keynesian formula
- Reproduction
- Scarcity
- Shortage economy
- Supply shock
