Economics Without Scarcity

The “dismal” science is predicated on the premise that there is not “enough” of something? This immediately raises two questions:

What are the scarce somethings?

How much is enough?

high building - 1As automation, exhaustion of natural resources and pollution of the environment become ubiquitous  we are seeing changes in what is abundant and what is scarce. At the same time, our aspirations rise as we develop the possibility of higher standards of living. What was “enough” yesterday is unsatisfactory today. “Old” economics could content itself with looking at the supply and demand of entities people were willing to pay for. “New” economics must cast a wider net to address issues that used to be the purview of psychology, anthropology, biology, ethics, to name just a few.

Let’s pull together some New Economic Thinking with Analysis and Action  suggestions (NETAA) on this site. I’ll make a few provocative comments to kick us off. Please add your own thoughts and comments as well as links to other interesting sites on this topic. Maybe we can pave the way for a better world for our great grandchildren.

 old car - 1

2 thoughts on “Economics Without Scarcity

  1. “our aspirations rise” There’s also a counter-current, or at least a redefinition. Many no longer expect a better lifestyle. A recent poll (ah, where is that link?) found that many Americans are aiming for stability rather than advancement. At the same time, the younger generation is seen as one of the most optimistic, and also the generation most likely to ignore old goals and select new ones. A fascinating sociological shift to witness.

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