An Alternative Theory of Economics Essay

Economics is ordinarily defined as the problem of how best to distribute limited resources, limited because wants atomic number 18 characterised as unlimited, but common sense tells us that alternatively than limited resources, there is an abundance of resources. The difference is one of perspective and this is ticker to any alternative understanding of economics. If wants argon the focus, then of course resources are limited by definition, but if minimum involve or essentials are used as the foundation, then resources are seen to be abundant.The difference is mingled with a description and an news report. A focus on wants or desires describes a market situation, while a focus on essentials or needs allows an explanation of choices to begin. It is necessary to shift the basis of economic theory aside from assumptions of scarcity and onto that of the reality of high production if a rational explanation is to be found as to why certain activities are lucrative and others, de spite their desirability on social or moral grounds, are not.This begins with the understanding that an abundance of resources means that not all need to track down productively and that whatever use more resources than others. Who shall be the lucky ones and how to arrest the unlucky quiet is fundamental to the running of most economies. Abundance is because an economic problem because the choices opened up by having more resources than is strictly needed to live presents a danger to those processes of production and the command that some have over resources that created the abundance in the first place.Why does so much waste exists along side so much poverty in the world? The orthodox assumption of scarcity has survived even the careen levels of surplus of modern economies because this assumption suits the needs of those who command resources and who prefer to realise that the economy does not become democratised that unpleasant tasks are done by someone else, that some wi n and many lose.An Economic theory base not on scarcity but on abundance is a theory that seeks not to describe distribution but to explain choices. The knowledge of such a theory would undercut the dominance of those satisfied with the true methods of production and control over resources. It would do so by uncover the choices made to limit the production of essentials and to divert resources to the production of luxury and mode goods. A distribution of resources currently labeled scarcity.