Target social protection to rein in all budget spend

Economics is basically the study of how to allocate scarce resources to achieve the best possible outcomes. The problem is that resources are by definition limited in supply and demands are virtually insatiable, writes Jim Power

In general terms, we all want the best quality public services such as health, law and order, education, public transport, broadband coverage, social housing, and public infrastructure, to name but a few.

Unfortunately, in the real world, it is impossible to satisfy all of these demands, primarily because resources are limited.