A comment on scarcity Cover Image

A comment on scarcity
A comment on scarcity

Author(s): M. Northrup Buechner
Subject(s): Philosophy, Social Sciences, Economy, Special Branches of Philosophy, Sociology, Philosophy of Science, Social Theory, Socio-Economic Research
Published by: Editura Rosetti International
Keywords: scarcity; Robbins; rationing; relative; subjectivism; reason;

Summary/Abstract: Modern economics is based on the idea that every good and service is scarce, but the standard defenses of this premise by reference to zero prices and infinite resources are invalid. The concept of scarcity is defined and used to show that ordinary scarcities are not economic scarcities. The errors regarding scarcity are traced to the methodology of modern economics, and an alternative method is suggested for a science whose subject matter is real human beings. The concept of relative scarcity is explained, and used to illuminate some important aspects of the functioning of a market economy. Some of the consequences are identified for economics if economists recognized that universal scarcity is not a fact.

  • Issue Year: VIII/2014
  • Issue No: 1
  • Page Range: 2-19
  • Page Count: 18
  • Language: English