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Scarcity Concept in the contemporary mainstream economic science: an analysis of its ontological and epistemological ambiguity

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  • 1 Daniel Durán-Sandoval;2 Gemma Durán-Romero; 3 Francesca Uleri

    (Facultad de Ingeniería y Negocios, Universidad de las Américas, 2 Department of Agricultural, Food and Environmental Science, University of Pisa, Italia], 3 Departamento de Estructura Económica y Economía del Desarrollo, Universidad Autónoma de Madrid)

Abstract

Different economic schools have studied the scarcity concept, reaching other explanations. Accordingly, the discussion underlines that for the Classical School of Political Economy (CSPE), scarcity is considered an empirical fact in contrast to the Marginalist School, which instead finds it as a theoretical consequence derived from its axioms. Following both schools, the Marshallian theorists introduce an ontological and epistemological ambiguity about scarcity. With this background, the article will try to clarify the concept and characteristics of scarcity. It examines the concept from different schools of economic thought, considering a new ontological and epistemological path. The article concludes by highlighting that the scarcity characteristics of mainstream economics neglect the sociocultural, historical, and political dimensions, making the consideration to abolish them through social, political, and economic changes a problematic and, at times, vain option.

Suggested Citation

  • 1 Daniel Durán-Sandoval;2 Gemma Durán-Romero; 3 Francesca Uleri, 2023. "Scarcity Concept in the contemporary mainstream economic science: an analysis of its ontological and epistemological ambiguity," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 16(1), pages 69-99, Annual.
    • Handle: RePEc:bus:jphile:v:16:y:2023:i:1:n:3
    DOI: 10.46298/jpe.11061
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    JEL classification:

    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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