Today, the pendulum has swung in the opposite direction. Although the public conception of scarcity may change, scarcity is a basic enduring reality and an inherent fact of life. Every age is and must be an age of scarcity. Scarcity of any good or service means that it has an opportunity cost. That is, in order to obtain more of any good or service other goods or services must be given up.
Scarcity is a fact of life for individuals as well as governments.
Ralph Nader and other consumer advocates led us to believe that automobiles could be made safer at little or no cost to the consumer. The results of this myth are now apparent, being reflected in higher auto costs. The mandatory air bag requirement when implemented will further increase the price of a new car by several hundred dollars. Some people may prefer to pay a higher price as a way of reducing risk. Auto air bags, seat belts, shoulder harness and the interlock safety system are good examples.