Absence of scarcity would mean absence …
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Posted by Zarka Hussain 4 years, 11 months ago
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Yogita Ingle 4 years, 11 months ago
Yes,economics in a very basic sense is optimization given the constraints. Scarcity is the biggest and real constraint of our lives.Lets understand with an example,suppose everybody has a lot of money,a lot to buy anything.What would the world look like?Nobody's going to work,no production,no costs,no profits,no exchange rates,no trade,simply there would be no need of any of the economic agents,economic concepts.So,no economics would exist.
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