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  2. Scarcity (social psychology) - Wikipedia

    en.wikipedia.org/wiki/Scarcity_(social_psychology)

    Another example of the effects of scarcity is the phenomenon of panic buying, which drives people to display hoarding behaviors when faced with the possibility of going without a certain product. [6] Historically, panic buying was seen during the COVID-19 pandemic in 2020. Due to the pandemic, people panic bought toilet paper out of fear of ...

  3. Scarcity - Wikipedia

    en.wikipedia.org/wiki/Scarcity

    Scarcity also includes an individual's lack of resources to buy commodities. [2] The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself". [3] "The best example is perhaps Walras' definition of social wealth, i.e., economic goods. [3] 'By social wealth ...

  4. Scarcity: Why Having Too Little Means So Much - Wikipedia

    en.wikipedia.org/wiki/Scarcity:_Why_Having_Too...

    They emphasize that scarcity is hardly transient, but instead a concept that constantly absorbs people and has profound effects on human behavior, emotions, and thinking. The authors also disclose that their decision to write and publish Scarcity originated from an opportunity several years earlier to write a single chapter in another book ...

  5. An Essay on the Nature and Significance of Economic Science

    en.wikipedia.org/wiki/An_Essay_on_the_Nature_and...

    The Essay has been described as different from earlier writings on economic methodology in generating a range of tightly argued, radical implications from a simple definition, for example in admitting an aspect of behaviour (rather than a list of behaviours) but not limiting the subject-matter of economics, provided that the influence of ...

  6. Zero-sum thinking - Wikipedia

    en.wikipedia.org/wiki/Zero-sum_thinking

    For example, the lump of labour fallacy refers to the belief that in the economy there is a fixed amount of work to be done, and thus the allocation of jobs is zero-sum. [18] Although the belief that a resource is scarce might develop through experiences with resource scarcity, this is not necessarily the case.

  7. Attention economy - Wikipedia

    en.wikipedia.org/wiki/Attention_economy

    When these consequences have a negative effect on an uninvolved third party, they're called negative externalities, with pollution being a common example. [21] The attention economy generates negative externalities for society that impact both individuals and communities. [22]

  8. Hoarding (economics) - Wikipedia

    en.wikipedia.org/wiki/Hoarding_(economics)

    The term "hoarding" may include the practice of obtaining and holding resources to create artificial scarcity, thus reducing the supply, thereby increasing the price, so that resource can be sold for profit. Artificial scarcity may also be used to help corner a market, by reducing competition via the creation of a barrier to entry.

  9. Malthusianism - Wikipedia

    en.wikipedia.org/wiki/Malthusianism

    Thomas Robert Malthus, after whom Malthusianism is named. Malthusianism is a theory that population growth is potentially exponential, according to the Malthusian growth model, while the growth of the food supply or other resources is linear, which eventually reduces living standards to the point of triggering a population decline.