Scarcity or economic insecurity? Two yardsticks for measuring capitalism's performance
by Costas Panayotakis
International Journal of Pluralism and Economics Education (IJPEE), Vol. 12, No. 2, 2021

Abstract: This article argues that capitalism's relationship to economic insecurity is as important for the evaluation of that system as its relationship to scarcity. Critically analysing the neoclassical and Marxist focus on capitalism's relationship to scarcity, the article describes how capitalism's relationship to economic insecurity offers a more cogent elaboration of these traditions' shared belief that the economic system should serve people. In particular, while critical of the neoclassical portrayal of capitalism as a system using scarce resources efficiently, this paper also argues, against Marxism, that an alternative to capitalism might be preferable even if scarcity is not abolished.

Online publication date: Fri, 07-Jan-2022

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