Scarcity, Institutions and Economic Behavior

Part of the International Studies in Economics and Econometrics book series (ISEE, volume 22)


No matter how affluent or poor we are as individuals or as a nation, scarcity is always present; that is, what we want exceeds what is available. Nature can be blamed for this state of affairs because it has given us fewer resources than we believe we must have. And other people can be considered culprits because they compete with us for scarce goods. Thus, we all live in a world of scarcity. To get a little bit more of something, a little bit of something else has to be given up.


Institutional Arrangement Business Firm Contractual Agreement Exogenous Change Unlimited Liability 
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Suggested Readings

  1. Demsetz, H. “Toward a Theory of Property Rights,” American Economic Journal, 57, 1967.Google Scholar
  2. North, D. “Institutions, Economic Growth and Freedom,” in Freedom. Democracy and Economic Welfare (M. Walker, ed.), Vancouver: The Fraser Institute, 1988.Google Scholar
  3. S. Pejovich, “Toward an Economic Theory of the Creation and Specification of Property Rights,” Review of Social Economy, 30, 1972.Google Scholar

Copyright information

© Kluwer Academic Publishers 1990

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