Economics : The Problem Of The Distribution Of Resources Essay

2478 Words Dec 5th, 2016 10 Pages
Economics is the study of how a society distributes its resources. As indicated by the fact that it is still studied, it is not yet a solved field. Were there an answer, regardless of the complexity of that answer, no one would study it aside from those who needed the details to keep this perfect system running. One of the major roadblocks to solving the problem of the distribution of resources is the efficiency versus equality trade-off. But before diving into the issue, there are some terms that need to be better understood. First, the definition of economics mentions a society. Contextually, society makes sense intuitively but that is not nearly rigorous enough for a scientific definition. For a definition to be applied to its best ability it needs to have hard set boundaries; boundaries that a contextual understanding tend to have blurry edges whereas to find where a term best fits, a hard edge is needed. A society is then defined as a gathering of people who are able and willing to interact with one another. This has implications that are more evident in the past. In the past, someone more than a couple of miles away would not have been in the same society. Fortunately or unfortunately, as technology has improved, the world has gotten much closer to one another, expanding and merging societies at an alarming rate. Of course, that is not the only thing technology has expanded. Technology has also improved the rate at which resources can be acquired. But, as with…

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