The Economics of Abundance

02/11/2013 16:50

Wolfgang Hoeschele

Economics is the study of how resources are distributed, and to that basic foundation most economists add two assumptions. Firstly, that resources are scarce. That’s why there is competition for them. Secondly, that wants are unlimited, which is why we never reach a point of ‘enough’. As one economics textbook puts it right in the opening definition, economics is “the study of how people allocate their limited resources in an attempt to satisfy their unlimited wants.” If that sounds like a depressingly futile science, you wouldn’t be the first to make that observation. [Read more] ...