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Scarcity (also called paucity) is the fundamental economic problem of having seemingly unlimited human needs and wants, in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. Alternatively, scarcity implies that not all of society's goals can be pursued at the same time; trade-offs are made of one good against others. In an influential 1932 essay, Lionel Robbins defined economics as "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." ^[1]

In biology, scarcity can refer to the uncommonness or rarity of certain species. Such species are often protected by local, national or international law in order to prevent extinction.

[edit] Goods and services

Goods (including services) that are scarce are called economic goods (or simply 'goods' if their scarcity is presumed). Other goods are called free goods if they are desired but in such abundance that they are not scarce, such as air and seawater. Too much of something freely available can informally be referred to as a 'bad', but then its absence can classified as a good, thus, a mown lawn, clean air, etc.

Economists study (among other others and people can come to the being) how societies perform the allocation of these resources — along with how societies often fail to attain optimality and are instead inefficient.

For example, fruits such as strawberries are scarce on occasion because they grow only at certain times of the year. When the supply of strawberries is lower, they are scarce, or not always available. If enough people want strawberries when none are available, then the demand increases. And this demand is high not because the price is low but because the supply is low.

Certain goods are likely to remain inherently scarce by definition or by design; examples include land and positional goods such as awards generated by honor systems, fame, and membership of elites. These things are said to derive all or most of their value from their scarcity. Even in a theoretical post scarcity society, certain goods, such as desirable land and original art pieces, would most likely remain scarce. But these may be seen as examples of artificial scarcity, reflecting societal institutions. That is, the resource cost of giving someone the title of "knight of the realm" is much less than the value that individuals attach to that title.

On the other hand, the ease with which some goods can be obtained or replicated (for instance intellectual property) led to the introduction of artificial scarcity in the form of legal or physical restrictions which limit the availability of such goods,and other research.

[edit] Criticisms

This article's Criticism or Controversy section(s) may mean the article does not present a neutral point of view of the subject. It may be better to integrate the material in those sections into the article as a whole.

Some^[2] have posed the idea that the question the concept of scarcity, on the grounds that it assumes human wants are "unlimited." (See the Simple living and Voluntary Simplicity movements).

[edit] Harris's Lament

Harris's Lament originates from an episode of the sitcom Barney Miller in which lead character Detective Ron Harris attempted to find a good apartment in New York City.^{[citation needed]} Inherent scarcity has been expressed in popular media as "Harris's Lament": "all the good ones are taken!". For example, Harris's Lament has been used to complain about the inherent scarcity of such things as names of computers on networks^[3] and boyfriends^[4].

[edit] References

[edit] Bibliography

• Milgate, Murray (1987), "goods and commodities," The New Palgrave Dictionary of Economics, v. 2, pp. 546-48.
• Montani, Guido (1987), "scarcity," The New Palgrave: A Dictionary of Economics, v. 4, pp. 253-54.

[edit] See also

Look up scarcity in Wiktionary, the free dictionary.

• Economic problem
• Economic shortage
• An Essay on the Nature and Significance of Economic Science
• Value theory
• Post scarcity
• Rare species