"Scarcity (also called paucity) is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs."
Scarcity is the basis of all economic law. Demand is infinite, supply is finite. Economization is the process of allocating finite supply among infinite demand.
The fictional world of Star Trek has eliminated scarcity. Instead, the citizens of the Federation enjoy Satiety. Everybody has all the air, water, food, shelter, electro-magnetic energy, and medical care they need. The Federation does not issue currency because satiety eliminates the need for monetary pricing to gauge the adequacy of supply or extent of demand. The only economic decision-making left is the purely administrative task of determining where and when to divert the cornucopia of unlimited supply.
Star Trek is fiction of course. Transporters are physically impossible. The replicator is unworkable if not impossible, and accelerating massive objects to the speed of light, or any speed approaching it, is physically impossible.
But short of Star Trek, we seem to be approaching a level of saturation in goods, one of the effects of which is the growing obsolescence of manual labor and human data entry and recordkeeping. (Human auditing and project management is next.) We already divert people into way more schooling than they need, and support a lot of useless sinecures. The retail interface is slowly automating, which is why everybody you deal with as a customer is generally underpaid, overworked, and either incapable of or prohibited from any executive decision-making or creative thought. After the “name-tag jobs” disappear, what then? We will have millions of people with minimal value on the open labor market.
We already grow enough food to throw tons of it away so we aren’t going to let them starve. Productivity gains are gobbling up what would otherwise be manifesting as monetary inflation from all the transfer payments. This process, we are assured by the Austrian school, can only result in a massive crash and contraction of the economy back to the level supported by prior savings. But fiat money has weathered a long series of busts and come back each time. My father reminds me people were saying the same thing about the dollar when he was young.
So what is this undiscovered country in which we find ourselves? Nobody starves to death in the West unless they are overtaken by alcoholism or drug addiction. Even the Third World is finding the resources, either native or imported, to support an unprecedented population boom. This photograph, to me, is iconic:
More computing power than the Space Shuttle in the hands of hunter-gatherers. Please don't take this the wrong way: I do not despise these people or begrudge them a single civilizational good. But they literally evolved to fill a specific biological niche in Central and South America, and now they have iPhones.
I got in a furious debate on Twitter about the elimination of food scarcity. Liberals insist that "food insecurity" stalks the land and haunts the waking hours of millions of Americans. This is of course nonsense to anybody with regular contact with the lumpen prole class. Remember St. Michael the Brown?
Brown weighed 293 pounds when he was shot by Officer Darren Wilson. To maintain that weight, he required 3,700 calories--about seven Quarter Pounders--a day. He was apparently able to satisfy a portion of his caloric needs by vodka punch. Michael Brown, a feral human with no marketable skills, likely qualified as "food insecure." The modern poor indulge in the sins of the Biblical rich.
Has Scarcity been banished for all practical purposes? Are we now at Satiety? We seemingly can afford to pay young women to have children without the bother of selecting a reliable breadwinner. I’m not sure what the young men are doing but, being men, they generally find something.
I got a lot of feedback on this comment at iSteve and the consensus is no, we have not eliminated scarcity. Humans exist in a fallen state, as the Faith teaches. Demand is insatiable, whether you're Michael Brown or any number of real-life wealthy people accruing more money than they know what to do with.
In the hierarchy of needs, we are well beyond the physiological.
So again, what now? And the answer seemingly playing out before us is that we are in the Soft Times of an eternal cycle. We know evolution results from selection pressures of a harsh environment. Remove those pressures, and K-selected peoples indulge in pseudo-struggles like transgender rights and safe spaces and stop having children. R-selected peoples breed to the point of die-back or into squalor and savagery. Soft People make Hard Times which make Hard People who make, in their turn, Soft Times, until extinction or the energy death of the Universe.
1 The words of the Preacher, the son of David, king in Jerusalem.
2 “Vanity of vanities,” says the Preacher;
“Vanity of vanities, all is vanity.”
3 What profit has a man from all his labor
In which he toils under the sun?
4 One generation passes away, and another generation comes;
But the earth abides forever.
5 The sun also rises, and the sun goes down,
And hastens to the place where it arose.
6 The wind goes toward the south,
And turns around to the north;
The wind whirls about continually,
And comes again on its circuit.
7 All the rivers run into the sea,
Yet the sea is not full;
To the place from which the rivers come,
There they return again.
8 All things are full of labor;
Man cannot express it.
The eye is not satisfied with seeing,
Nor the ear filled with hearing.
9 That which has been is what will be,
That which is done is what will be done,
And there is nothing new under the sun.
10 Is there anything of which it may be said,
“See, this is new”?
It has already been in ancient times before us.
11 There is no remembrance of former things,
Nor will there be any remembrance of things that are to come
By those who will come after.
Memento mori, to all my good Orthodox and Catholic friends.