But regardless they still have to account for the most basic of economic questions. Scarcity, the fact is, there are only a finite amount of resources (such as food) around, so we have to choose the best way to allocate it.
When given the choice between Educated Americans and uneducated Ethiopians, economists would seldom choose Ethiopia.
For example, Ethiopia is a bad example because it is their ancestors problems.
However lets take Hurricane Hazel for example. In the last 60 years, only one Hurricane has ever hit Toronto, therefore it would be unreasonable to assume that the Canadian government would spend billions of dollars protecting the city from Hurricanes, unlike cities across the gulf of Mexico that get hit annually.
However it still hit us, and caused $1,130,000,000 of damage. Could we reasonable say it wasn't our fault? Was it our fault that we didn't prepare for a hurricane simply because one hadn't hit us before. Given that it was a fluke of nature, something completely unpredictable it wasn't our fault at all.
However one fact still remains, $1.13 billion of damage was done, and someone has to pay it. So who should pay it? Those directly effected by the hurricane, or those on the otherside of the world?