Scarcity Economics is the study of the use of scarce resources, which have alternative uses. An article in the New York Times of August 1, 1999, laid out the economic woes and worries of middle-class Americans – one of the most affluent groups of human beings ever to inhabit this planet. The headline read: “The American Middle, Just Getting By” and included a photo of the family in their own swimming pool. Other subtitles in the article included “Wishes Deferred and Plans Unmet” and “Goals That Remain Just Out of Sight.” Middle class Americans’ desires exceed what they can afford, even though what they already have would be considered unbelievable prosperity by people in many other countries and even by earlier generations of Americans. Yet they are deemed to be just “getting by” and “budget constrained.” They are not budget constrained, they are reality constrained. There has never been enough to satisfy everyone completely. That is what scarcity means. Nothing has been more pervasive in the history of the human race than
This is the end of the preview. Sign up
access the rest of the document.