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 other explanations. Accordingly, the discussion underlines that for the Classical School of Political Economy (CSPE), scarcity is considered an empirical fact in contrast to the Marginalist School, which instead finds it as a theoretical consequence derived from its axioms. Following both schools, the Marshallian theorists introduce an ontological and epistemological ambiguity about scarcity. With this background, the article will try to clarify the concept and characteristics of scarcity. It examines the concept from different schools of economic thought, considering a new ontological and epistemological path. The article concludes by highlighting that the scarcity characteristics of mainstream economics neglect the sociocultural, historical, and political dimensions, making the consideration to abolish them through social, political, and economic changes a problematic and, at times, vain option.