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Scarcity and Efficiency

In: Mathematical Optimization and Economic Analysis

Author

Listed:
  • Mikuláš Luptáčik

    (Vienna University of Economics and Business Administration)

Abstract

Scarcity is a fundamental problem faced by all economies. Not enough resources are available to produce all of the goods and services to satisfy human wants. According to a frequently cited definition of economics by Robbins [41, p. 16]: “Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.” In the Concise Encyclopedia of Economics,1 this definition of economics is still used to define the subject today. Although this definition is simplified and “it cannot be understood as a complete list of topics belonging to economics, the scarcity principle certainly plays some role in all economic studies” [40, p. 13; translated by the author]. Scarce commodities are those which are both desired and not freely available. The scarcity of resources cannot be eliminated; rather, choices must be made about how resources will be used.

Suggested Citation

  • Mikuláš Luptáčik, 2010. "Scarcity and Efficiency," Springer Optimization and Its Applications, in: Mathematical Optimization and Economic Analysis, chapter 1, pages 3-24, Springer.
    • Handle: RePEc:spr:spochp:978-0-387-89552-9_1
    DOI: 10.1007/978-0-387-89552-9_1
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