“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.”

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

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Tjalling Koopmans16

Dutch American economist 1910–1985

Edith Penrose (1914–1996) economist

Source: The Theory of the Growth of the Firm, 1959, p. 5

“Economics is the study of how society manages its scarce resources. In most societies, resources are allocated not by an all-powerful dictator but through the combined actions of millions of households and firms.”

N. Gregory Mankiw (1958) American economist

Source: Principles of Economics (1998-), Ch. 1. Ten Principles of Economics; p. 4

“This country has been so rich in human and material resources that it is only recently that the importance of waste elimination has come to be realized. The material element received the first consideration, and in the comparatively few years during which the subject has received attention, an enormous amount has been done to conserve natural resources, to economize in the use.”

Frank Bunker Gilbreth, Sr. (1868–1924) American industrial engineer

Source: "Motion Study as an Increase of National Wealth," 1915, p. 96

“It looks perverted and wasteful to us, but then one thing that empires are not about is the efficient use of resources and the spread of happiness; both are typically accomplished despite the economic short-circuiting—corruption and favoritism, mostly—endemic to the system.”

Iain Banks Culture series

Source: Culture series, The Player of Games (1988), Chapter 1 (p. 91).

“All modern wars, even when their aims are the traditional ones, such as territorial aggrandizement or the acquisition of scarce resources, are cast as clashes of civilizations — culture wars — with each side claiming the high ground, and characterizing the other as barbaric.”

Susan Sontag (1933–2004) American writer and filmmaker, professor, and activist

Frankfurt Book Fair speech (2003)
Context: All modern wars, even when their aims are the traditional ones, such as territorial aggrandizement or the acquisition of scarce resources, are cast as clashes of civilizations — culture wars — with each side claiming the high ground, and characterizing the other as barbaric. The enemy is invariably a threat to "our way of life," an infidel, a desecrator, a polluter, a defiler of higher or better values. The current war against the very real threat posed by militant Islamic fundamentalism is a particularly clear example.

“Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.”

Lionel Robbins (1898–1984) British economist

An Essay on the nature and significance of Economic Science (1932), Chapter I: The Subject Matter of Economics
Context: The economist studies the disposal of scarce means. He is interested in the way different degrees of scarcity of different goods give rise to different ratios of valuation between them, and he is interested in the way in which changes in conditions of scarcity, whether coming from changes in ends or changes in means—from the demand side or the supply side—affect these ratios. Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.