Mind Over Matter: Scarcity In Economics | Dan Nixon | Bank Underground | 13th December 2016
Economics text-books conventionally begin by defining the economics as the study of how society goes about allocating scarce resources in conditions of potentially unlimited demand. But scarcity is a subjective condition, a product of human psychology. A world of scarcity to one person can be a world of abundance to another, if their desires differ enough. Economists study how to manage supply and demand. Should they also study how to manage desire?
