Alternatives to the scarcity principle

William Darity

The Journal of Economic Education, 2022, vol. 53, issue 4, 340-347

Abstract: Dominion of the scarcity principle as the basis for economic analysis is virtually absolute in teaching the introductory course in economics. This supremacy is neither valid nor desirable. Two compelling alternative foundational concepts for economics are uncertainty and inequality. These alternatives lead to vastly different implications for the development of economic analysis than scarcity and vastly different implications for the teaching of economics.

Date: 2022
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DOI: 10.1080/00220485.2022.2111387

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