Overabundance of supply invalidates classical scarcity-based economic reasoning

Evidence

In its classical definition, the economy endeavours to optimize the utilization of resources characterized by their scarcity. Our situation of overabundant supply is bound to overturn the machinery of reasoning and calculation developed by orthodox economists. So an ever-increasing number of voices have made themselves heard over the last twenty years or so, calling for the advent of another economy, which is not only possible but necessary if we are to orientate ourselves in this new situation of overabundant supply: an attention economy. — Yves Citton, The Ecology of Attention, 31

Categorization

• XREF: connects to: Economic surplus reliably produces arbitrary-set systems of social hierarchy

Broader Connections

• Economic surplus reliably produces arbitrary-set systems of social hierarchy #complicates (0.80)