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A comment on scarcity

Author

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  • M. Northrup Buechner

    (St. John’s University)

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.

Suggested Citation

  • M. Northrup Buechner, 2014. "A comment on scarcity," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 8(1), November.
    • Handle: RePEc:bus:jphile:v:8:y:2014:i:1:n:4
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    References listed on IDEAS

    as
    1. Roger E. Backhouse & Steven G. Medema, 2009. "Retrospectives: On the Definition of Economics," Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 221-233, Winter.
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    3. Colander, David, 2009. "What Was €Œit†That Robbins Was Defining?," Journal of the History of Economic Thought, Cambridge University Press, vol. 31(4), pages 437-448, December.
    4. Heal, Geoffrey, 1981. " Scarcity, Efficiency and Disequilibrium in Resource Markets," Scandinavian Journal of Economics, Wiley Blackwell, vol. 83(2), pages 334-351.
    5. Roger E. Backhouse & Steve G. Medema, 2009. "Defining Economics: The Long Road to Acceptance of the Robbins Definition," Economica, London School of Economics and Political Science, vol. 76(s1), pages 805-820, October.
    6. Robbins, Lionel, 1979. "On Latsis's Method and Appraisal in Economics: A Review Essay," Journal of Economic Literature, American Economic Association, vol. 17(3), pages 996-1004, September.
    7. Cairns, Robert D, 1990. "A Contribution to the Theory of Depletable Resource Scarcity and Its Measures," Economic Inquiry, Western Economic Association International, vol. 28(4), pages 744-755, October.
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    Cited by:

    1. Robert Wiedmer & Judith M. Whipple & Stanley E. Griffis & Clay M. Voorhees, 2020. "Resource Scarcity Perceptions in Supply Chains: The Effect of Buyer Altruism on the Propensity for Collaboration," Journal of Supply Chain Management, Institute for Supply Management, vol. 56(4), pages 45-64, October.

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    More about this item

    Keywords

    scarcity; Robbins; rationing; relative; subjectivism; reason;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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