Is the scarcity of resources a myth?

In some ways, yes, and in many ways, no. Often there is scarcity that doesn't actually come from things being naturally rare. Diamonds, for instance, are utterly common and plentiful, even after considering extraction. read more

The presumption of scarcity is not a myth as much as it is a technical condition of the economist's idealization of economic equilibrium, Formally, resources include capital goods (e.g., hammers, lawnmowers, homes, factories, refineries, bridges, roads, schools, etc.) and intermediate goods (i.e., seeds, cloth, concrete, copper, electricity, etc.). read more

The myth of scarcity has one purpose: to justify not sharing the social wealth. There is no evidence that society does not have, and never could have, sufficient resources to meet human needs. On the contrary, the resources spent on war alone could provide everyone in the world with a very good life. read more

Scarcity at a given point in time or temporal scarcity. Scarcity is a function of the limits on satisfaction of all wants at a given point in time giving rise to differentials in costs among economic choices. read more