2011/02/14 by Guido Montani · 1 citation
Economics, Econometrics and Finance · Social Sciences · #Economic Theory and Institutions #Political Economy and Marxism
paper · doi:10.1057/9780230226203.3485
openalex publication_date 2011/02/14 · openalex created_date 2022/05/12 · openalex updated_date 2026/07/31
The notion of scarcity plays a central role in economic theory. Indeed, some economists consider it essential for a proper definition of economics itself. The best example is perhaps Walras’ definition of social wealth, i.e. economic goods. ‘By social wealth’, says Walras, ‘I mean all things, material or immaterial (it does not matter which in this context), that are scarce, that is to say, on the one hand, useful to us and, on the other hand, only available to us in limited quantity ’ (1926, p. 65). These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.