Is There A Point To Having An Economy In A Stable Post-scarcity Society?

Posted by: reece

Comments would be great.

  • Yes

  • No

60% 3 votes
40% 2 votes
  • If there is scarcity of a good the supply will be falling and this causes the price to rise. In a free market this rising price acts as a signal and therefore demand for the good falls (movement along demand curve). Also the higher price of the good provides incentives for firms to: Look for alternative sources of the good e.g. new supplies of oil from Antarctic Look for alternatives e.g. solar panel cars. If we were unable to find alternatives to oil, then we would have to respond by using less transport. People would cut back on transatlantic flights and make less trips. Therefore, in a free market there are incentives for the market mechanisms to deal with the issue of scarcity. However, the market can also have market failure. For example, firms may not think about the future until it is too late. Therefore, when the good becomes really scarce there might not be any practical alternative that has been developed. Another problem with the free market is that since goods are rationed by price, there may be a danger that some people cannot afford to buy certain goods; they have limited income. Therefore, economics is also concerned with the redistribution of income to help everyone be able to afford basic necessities.

    Posted by: maslow
  • Without specialization there won't be as vast of types of efficiencies, but I am not sure which type of economy is the most ideal. It could certainly be friendlier without one though. But friendliness can be implemented into other economies as well.

  • The purpose of the economy is to distribute resources when their supply is scarce, so without scarcity, an economy is clearly not needed. Probably won't happen, though.

Leave a comment...
(Maximum 900 words)
Gareth_BM says2016-06-21T14:26:47.0212456Z
It depends. Is there sufficiently stable and intelligent AI to transport and distribute goods? Even if there are sufficiently advanced Robots to provide all every day services engineers, artists and other creators may still be necessary. In the post scarcity world value would no longer be based on labour, rarity of resources or supply and demand along with other market factors rather purely on originality. As a result someone would be paid by having new and original things created for them. That's my idea anyway but it may be the case that ai can take all these jobs as well in which case an economy would be pointless.
reece says2016-06-21T15:58:11.7093036Z
Would black markets thrive in a Post-scarcity Society?
reece says2016-06-21T16:04:26.4441099Z
I don't know. It totally depends on context.
Gareth_BM says2016-06-21T20:16:49.4967965Z
I think it would vary between different markets. I think weapon black markets would suffer as I think violent crime would drop but for things such as drugs I might do well. After all some people want the difficult to obtain so when resources are no longer an issue that might be one of the few things that are valued along with items that have great historic value. However the number of people willing to sell black market goods would drop. Most people who do that kind of thing do it for the money in order to live a better life but when the standard of living is effectively infinite why take the risk. Sure there would still be some people who'd do it for the kick of if they wanted to obtain unique items that would be power symbols but I doubt that would be enough to motive most.
maslow says2016-07-05T19:29:59.5144134Z
We already have a scarce economy

Freebase Icon   Portions of this page are reproduced from or are modifications based on work created and shared by Google and used according to terms described in the Creative Commons 3.0 Attribution License.

By using this site, you agree to our Privacy Policy and our Terms of Use.