Scarcity

servants to slaves. Economic, geographic, and social factors encouraged the growth of slavery as an important part of the economy of the southern colonies between the years of 1607 and 1775. Colonial employers had a major problem on their hands, the scarcity and high cost of labor, thus, leading some to turn to enslaved Africans from the West Indies as a solution. This change was unusual as servants were cheap, available, and familiar. Slaves were expensive, difficult to obtain, and exotic.…

society has no market both; value in use and value in exchange and that the economy lies on ‘reciprocity’, ‘redistribution’ and ‘householding’. Unlike ‘goods’ theory the value of wealth depends on the utility and the value in exchange depends on scarcity. From the Stone Age Economics by Sahlins, reciprocity is categorized into three, Generalised, Balanced and Negative. Generalised reciprocity refers to the transfer or exchange between the closest kinship establishing in a bond or reinforce…

In the novel The Ecological Indian, the author Shepherd Krech critically engages with narratives about the relationships between indigenous peoples and “nature.” The author distills the relationship he has observed in history and media into the term, “noble indian/ecological indian” where Native Americans are placed on a pedestal with regards to ecological, conservation and environmental practices. Implied in this description is the contrast with Europeans who are not ecological rather,…

High food prices and the global economic recession have pushed 100 million more people than last year into chronic hunger and poverty. …Water scarcity is a growing concern. In many parts of the world today, major rivers at various times of the year no longer reach the ocean. In some areas, lakes are going dry and underground water aquifers are being rapidly depleted. And climate change, of course…

Global warming has become an increasingly popular topic for discussion among economists because of the human activity that is contributing to the rising pollution in today’s society. Economists such as William Nordhaus in his article, “After Kyoto: Alternative Mechanism to Control Global Warming,” have argued that a carbon tax is the most efficient form of action to reduce carbon emissions. On the other hand, other economists such as Robert Stavins argues in his article, “Addressing Climate…

because they knew consumer’s demands were at an all time high. Many vehicles were despondent due to being placed underwater or out of gas due to the floods. Furthermore, gasoline was so scarce that city buses were not even running due to the gas scarcity. Many individuals relied on the city buses to get them where they needed to go, but they were not fully functional because of either lack of gas, increase in gas prices, or many areas were still covered by water. Furthermore, many consumers…

America was a newly discovered land that attracted many European immigrants in the 1600’s. A majority of these immigrants came from England. Colonial America was a place of opportunities. A place to accomplish your dreams and better your future. Many Europeans were looking for better economic , political and social opportunities. It was a chance to create a new life, a life you could have never had in your previous home. It wasn’t wonderful to everyone though. To those who were forced to come…

Since I was 10, I enjoyed complexity. My fantasies were always the most intricate, and my puzzles were always the hardest. Whenever people asked me what I wanted to be when I grew up, I said President of the United States. What could be more complex than running an entire country? But after I learned that some presidents get assassinated in office, I switched careers. My alternative was economics, and I chose it as my intended major because I want to pick apart the complexities in the world. At…

First, the article discusses the issue of scarcity, and having to allocate some of the resources from a government relief fund (approximately 50 million euros according to the article). More than likely, though perhaps not spoken about in the article, there will be opportunity costs involved which…

Asia hundreds of years before the Europeans. Earlier changes like the making of tools, the emergence of agriculture, and metallurgy (smelted metals like bronze, copper, and lead) happened within the Paleolithic Era. Due to that time period having a scarcity of written resources in large parts of the continent it's caused a big problem. It's made it hard for researchers in the 21st century to find any detailed history from the Paleolithic…