2017•Palgrave Macmillan US eBooksRequires access

Abundance and Scarcity: Neoclassical Economic Thought

Ayman Reda

Abstract

This chapter examines the central role of scarcity in the neoclassical economic paradigm. The chapter highlights the neoclassical association of wealth and scarcity, and the connections such an association has with the changing nature and outlook of the economics discipline. The views surveyed include those of Karl Menger, Leon Walras, Alfred Marshall, Frank Knight, John Maynard Keynes, and Lionel Robbins.

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Key concepts: Scarcity, Knight, Economics, Neoclassical economics, Economic Thought, Positive economics, History of economic thought, Microeconomics