The end of scarcity: A silent threat to US well-being ...Middle East

Scarcity has been a bedrock feature of economic reality and public policy since at least Adam Smith and possibly the expulsion from the Garden of Eden. Scarcity is the limited availability of productive resources relative to their unlimited beneficial uses. A key implication of this condition is that every use of resources requires giving up the benefits of some alternative beneficial use. That is, every use has an opportunity cost equal to the highest value given up by the necessary sacrifice of alternatives. While opportunity cost sounds theoretical, it is critical to practical decisions we make every day. Because resources are scarce, we rationally attempt to allocate them among alt

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