Scarcity or Economic Insecurity? Two Yardsticks for Measuring Capitalism’s Performance

Authors

Costas Panayotakis, CUNY New York City College of TechnologyFollow

Document Type

Article

Publication Date

12-24-2021

Abstract

This article argues that capitalism’s relationship to economic insecurity is as important for the evaluation of that system as its relationship to scarcity. Critically analyzing the neoclassical and Marxist focus on capitalism’s relationship to scarcity, the article describes how capitalism’s relationship to economic insecurity offers a more cogent elaboration of these traditions’ shared belief that the economic system should serve people. In particular, while critical of the neoclassical portrayal of capitalism as a system using scarce resources efficiently, this paper also argues, against Marxism, that an alternative to capitalism might be preferable even if scarcity is not abolished.

Comments

Accepted manuscript of Panayotakis, C. (2021). Scarcity or economic insecurity Two yardsticks for measuring capitalism’s performance. International Journal of Pluralism and Economics Education, 12(2), 114. https://doi.org/10.1504/IJPEE.2021.120135