Scarcity Concept in the contemporary mainstream economic science: an analysis of its ontological and epistemological ambiguity

Abstract

Different economic schools have studied the scarcity concept, reaching otherexplanations. Accordingly, the discussion underlines that for the Classical School ofPolitical Economy (CSPE), scarcity is considered an empirical fact in contrast to theMarginalist School, which instead finds it as a theoretical consequence derived from itsaxioms. Following both schools, the Marshallian theorists introduce an ontological andepistemological ambiguity about scarcity. With this background, the article will try toclarify the concept and characteristics of scarcity. It examines the concept from differentschools of economic thought, considering a new ontological and epistemological path.The article concludes by highlighting that the scarcity characteristics of mainstreameconomics neglect the sociocultural, historical, and political dimensions, making theconsideration to abolish them through social, political, and economic changes aproblematic and, at times, vain option.