Scarcity

 

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Table of Content see: 

001 - Table of Content and Introduction

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Transcript:

Man, Economy and State 2009, chapter 1, pages 12-13

Every consumer good and even immaterial services require at least two scarce factors during production: Time and land.

Most productions require additional factors like tools and raw materials.

However, the availability of factors of production and therefore of consumer goods is not unlimited.

Barring artificial scarcity by copyright laws, recipes and ideas are the major exception.

Human needs are endless, thus humanity always seeks a greater supply of factors and more effective recipes.

Readers of science fiction might have encountered the term post-scarcity, where everything is produced by replicators or nano-bots without human labour.

But even with production possibilities found in science-fiction novels, post-scarcity can never be achieved in a physical universe. [Star Trek Is Wrong: There Will Always Be Scarcity]

Land, time and at least energy is still necessary for every production and most authors of post-scarcity settings forget immaterial services, like authorship, altogether.

 

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August Heinrich Barbarossa provides an Austrian view on the world. Videos will be released in English and German. Support August on Patreon: https://www.patreon.com/ahbarbarossa

 

Man, Economy and State, Murray Rothbard, 2nd Scholar's edition, Copyright 2009, Ludwig von Mises Institute, Auburn, Alabama: E-book and audio-book on mises.org

 

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