The Myth of Absolute Abundance: Economic Development as a Shift in Relative Scarcities

Oleg Zinam

American Journal of Economics and Sociology, 1982, vol. 41, issue 1, 61-76

Abstract: Abstract. Scarcity lies at the heart of economic science. Scarcity and abundance are dialectical terms Rowing into each other by imperceptible degrees. They are always relative. While absolute abundance in terms of both internal and external factors is an unattainable dream, life would be extinguished long before absolute scarcity is reached. At any point in time, people can be placed between these two extremes. Such a position of relative scarcity can be either close to the subsistence level or to relative plenty at a high standard of living. Economists of a pessimistic breed fear that pressure of population on subsistence will lead to equilibrium at a subsistence level or even to eventual extinction unless the rate of population growth and resource use are checked. Optimists believe that technological advance will continue to provide an offset to diminishing returns and that human institutions will respond to pressures of scarcities in constructive ways. Some implications of these attitudes for economic development are analyzed within a framework of the theory of discontent.

Date: 1982
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