Scarcity
[8] Thomas Robert Malthus laid "the theoretical foundation of the conventional wisdom that has dominated the debate, both scientifically and ideologically,[8][10] on global hunger and famines for almost two centuries."[8] In his 1798 book An Essay on the Principle of Population, Malthus observed that an increase in a nation's food production improved the well-being of the populace, but the improvement was temporary because it led to population growth, which in turn restored the original per capita production level.Populations had a tendency to grow until the lower class suffered hardship, want and greater susceptibility to famine and disease, a view that is sometimes referred to as a Malthusian catastrophe.Malthus wrote in opposition to the popular view in 18th-century Europe that saw society as improving and in principle as perfectible.It derives from the political and economic thought of the Malthus, as laid out in his 1798 writings, An Essay on the Principle of Population.In an influential 1932 essay, Lionel Robbins defined economics as "the science which studies human behavior as a relationship between ends and scarce means which have alternative uses".Lastly, structural scarcity occurs when part of a population does not have equal access to resources due to political conflicts or location.As Frank Fetter explains in his Economic Principles: "Some things, even such as are indispensable to existence, may yet, because of their abundance, fail to be objects of desire and of choice.Free goods are things which exist in superfluity; that is, in quantities sufficient not only to gratify but also to satisfy all the desires which may depend on them."
Scarcity (social psychology)Great Seattle Fireeconomicseconomic goodscommodityabundanceeconomic theoryWalrasLionel Robbinsdefinition of economicsSamuelsonproduction possibility curve (PPC)Thomas Robert MalthusAn Essay on the Principle of PopulationMalthusian trapfaminediseaseMalthusian catastropheMalthusianismpopulation growth is potentially exponentialresourceslinearpopulation die offabstinencelegal marriageAn Essay on the Nature and Significance of Economic ScienceLondon School of Economicsfree marketEconomics (textbook)limited resourceshuman technologygiving something uptrade-offcompetitionmonopolymonopsonyartificial scarcitycorner the marketpanic buyingquantity demanded than quantity suppliedenvironmental degradationdeforestationdroughtaccess to waterFrank Fetterfree goodsNon-renewable resourcesEconomic shortageEnergy crisisParadox of valuePost-scarcity economyResource depletionScarcity heuristicCiteSeerXWayback MachineBibcodeBurke, EdmundLiberty Fund, Inc.Malthus, Thomas R.MicroeconomicsAggregationBudget setConsumer choiceConvexitynon-convexityAverageMarginalOpportunityImplicitSocialTransactionCost–benefit analysisDeadweight lossDistributionEconomies of scaleEconomies of scopeElasticityCross elasticity of demandIncome elasticity of demandPrice elasticity of demandPrice elasticity of supplyEquilibriumGeneralExchangeExternalityGoods and servicesServiceHouseholdIncome–consumption curveInformationIndifference curveIntertemporal choiceMarketMarket failureMarket structureMonopolisticPerfectDuopolyBilateralComplementaryOligopolyOligopsonyPareto efficiencyPreferencesPrice controlsPrice ceilingPrice floorPrice discriminationPrice signalPrice systemPricingProductionProfitPublic goodsRationingReturns to scaleRisk aversionShortageExcess supplySubstitution effectSurplusSocial choiceSupply and demandDemandLaw of demandSupply