Scale of Preference: Water Vs. Oil? The idea of economics being a social science is no novelty and even though the notion dates back as far as the era of Adam Smith and the other fathers of economics, it still holds true today. It would seem that every being, society or entity is forever in the pursuit of that elusive – or to put it in economic terms, scarce – something. For some select countries like the United States, that elusive or increasingly scarce thing is oil. For most of the world however, and particularly the impoverished world, that commodity is oil's arch-rival, water . Nothing lasts forever and that applies especially to natural resources that tend to be used up with no thought of their replenishment. The world literally goes crazy because of this commodity oil. All things being equal (ceteris paribus), when global oil prices drop, everyone - with the possible exception of suppliers - rejoices. When the prices rise - as they seem to do more frequently given their in...
Ghana, Africa, Development, Lifestyle: A Panoramic View of the Exchange Called Life.