The Downsides of Cheap Abundance by Ralph Nader

In college, Economics 101 is often described as the social science discipline that deals with the production, distribution and consumption of goods and services. MIT Economist Paul Samuelson liked to focus on scarcity, or more specifically, the allocation of scarce resources. “Abundance” was always a pretty word with an idyllic connotation for Professor Samuelson. I often wonder why there weren’t a few classes about the real-life consequences of abundance, along with scarcity and people’s material welfare.The present generation of internet technology is a proper subject of study within an economic framework. It might help us understand what is happening to our society.

Source: The Downsides of Cheap Abundance by Ralph Nader

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