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Scarcity, capitalism and the promise of economic democracy

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  • Costas Panayotakis

Abstract

This article critically examines scarcity, a foundational concept of neoclassical economics. It argues that class inequalities and the pursuit of profit shape the configurations of scarcity faced by individuals and groups in today's society. These configurations are made up of socially constructed material wants (the demand side) and of unequally distributed resources (the supply side). Against neoclassical economics, the article argues that capitalism cannot manage scarce resources in accordance with human well-being and the ecological integrity of the planet. Only an economically democratic society that allows all people to have equal say over the way economic life becomes organised can do so.

Suggested Citation

  • Costas Panayotakis, 2012. "Scarcity, capitalism and the promise of economic democracy," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 3(1), pages 104-111.
    • Handle: RePEc:ids:ijplur:v:3:y:2012:i:1:p:104-111
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    References listed on IDEAS

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    1. James K. Boyce, 2002. "The Political Economy of the Environment," Books, Edward Elgar Publishing, number 2080.
    2. John E. Roemer, 1994. "A Future for Socialism," Politics & Society, , vol. 22(4), pages 451-478, December.
    3. Dasgupta, Partha, 2007. "Economics: A Very Short Introduction," OUP Catalogue, Oxford University Press, number 9780192853455, Decembrie.
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    Cited by:

    1. Daoud, Adel, 2018. "Unifying Studies of Scarcity, Abundance, and Sufficiency," Ecological Economics, Elsevier, vol. 147(C), pages 208-217.

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