It’s a truism that the basic economic problem is how to deal with scarcity. Our means are limited and our wants exceed our limited means to satisfy those wants. But will there ever be time when we are free of scarcity? If we have everything we need, will the economic problem disappear?
The fact is that we will never have everything, even if we have all the material things we want. Even if there were no material scarcity, there still would be an economic problem. Scarcity exists because time exists and only a finite amount of time is available to finite creatures (which includes us humans.) Continue reading “Scarcity and Economic Problems”