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Scarcity

The supply of a desired good, service or factor of production has a limited supply. This scarcity is what creates prices. Prices are a form of rationing that relies on voluntary exchange as opposed to the use of force.

Anthony Carilli - The Economic Way of Thinking

 

Paul Cwik - Problems and Prices

Related Publications

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The Magical Delusion

JULY 19, 2011 by NICHOLAS SNOW

ARCHIVE

The Market Doesn't Ration Health Care

AUGUST 07, 2009 by SHELDON RICHMAN

Economics 101 tells us that to accomplish the administration's stated health care goals directly--more coverage at lower cost--the government would have to take a third step: rationing.

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The Freeman: Economists and Scarcity

AUGUST 06, 2008

In a world where concerns about the environment and resources dominate political discussion and, for people like Al Gore, are a "generational mission [that gives] moral purpose" to our lives, thinking clearly about these issues is crucial. Economics can contribute to this discussion by providing its perspective on words such as "scarcity" and "resources," which are often contested or misunderstood.But how economists use those words is vulnerable to misunderstanding.  More . . .

 —A NEW article by Steven Horwitz

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See? Repealing the Law of Scarcity Is Easy!

The ways of Washington.

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To the surprise of no one who understands Congress, ObamaCare passed, and the Usual Suspects are celebrating this leap into the abyss.

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Scarcity or Abundance? A Debate on the Environment

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Scarcity, Parking, and the Price System

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A parking problem analyzed in terms applicable to all the economics affairs of mankind.

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CURRENT ISSUE

September 2014

For centuries, hierarchical models dominated human organizations. Kings, warlords, and emperors could rally groups--but also oppress them. Non-hierarchical forms of organization, though, are increasingly defining our lives. It's no secret how this shift has benefited out social lives, including dating, and it's becoming more commonplace even in the corporate world. But it has also now come even to organizations bent on domination rather than human flourishing, as the Islamic State shows. If even destructive groups rely on this form of entrepreneurial organization, then hierarchy's time could truly be coming to an end.
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