Scarcity Concept in the contemporary mainstream economic science: an analysis of its ontological and epistemological ambiguity

1 Daniel Durán-Sandoval;2 Gemma Durán-Romero; 3 Francesca Uleri
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1 Daniel Durán-Sandoval;2 Gemma Durán-Romero; 3 Francesca Uleri: Facultad de Ingeniería y Negocios, Universidad de las Américas, 2 Department of Agricultural, Food and Environmental Science, University of Pisa, Italia], 3 Departamento de Estructura Económica y Economía del Desarrollo, Universidad Autónoma de Madrid

The Journal of Philosophical Economics, 2023, vol. 16, issue 1, 69-99

Abstract: Different economic schools have studied the scarcity concept, reaching other explanations. Accordingly, the discussion underlines that for the Classical School of Political Economy (CSPE), scarcity is considered an empirical fact in contrast to the Marginalist School, which instead finds it as a theoretical consequence derived from its axioms. Following both schools, the Marshallian theorists introduce an ontological and epistemological ambiguity about scarcity. With this background, the article will try to clarify the concept and characteristics of scarcity. It examines the concept from different schools of economic thought, considering a new ontological and epistemological path. The article concludes by highlighting that the scarcity characteristics of mainstream economics neglect the sociocultural, historical, and political dimensions, making the consideration to abolish them through social, political, and economic changes a problematic and, at times, vain option.

Keywords: needs; Classical School; political economy; Marginalist School. (search for similar items in EconPapers)
JEL-codes: A12 B40 Z13 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bus:jphile:v:16:y:2023:i:1:n:3

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