Papers by Abiodun ADESINA
Whereas the thought that ideal scarcity, i.e. scarcity at zero level, does not affect sectoral gr... more Whereas the thought that ideal scarcity, i.e. scarcity at zero level, does not affect sectoral growth assures an economy is performing at absolutely potential growth. The opposite thought, which is the case in real economies, affirms the negation of potential sectoral growth. There are deadweight losses that sectors suffer as scarcity is altered in the economy. There is therefore more to the story of the production possibility frontier than discussed in the literature; and, there is the revelation of a new but closely related frontier, the growth possibility frontier. This paper discusses the measure of scarcity in another unique perspective, the existence of growth possibility frontiers and sectoral deadweight losses that arise owing to the distortion of ideal scarcity. It also enumerates growth curves and mentions the conditions for negative growth.
The concept of scarcity is central to economics, not only as the most fundamental problem of econ... more The concept of scarcity is central to economics, not only as the most fundamental problem of economics, but also as the very cause of other thinkable or observable problem of which economics has concern. Nevertheless, it has gone on measureless and unquantified. Whatever the reasons for this might be, the more pressing need, to unravel it beyond merely identifying it as a concept, has to be satisfied-this, because time is scarce and we must make the best use of it. The fact that scarcity can be measured is intrinsic in the purely objective statement that a commodity is scarcer than another is. This paper discusses the nature of scarcity, exploring the various conditions that bring it about. These conditions are then put together to conceive a quantification means of scarcity, not only theoretically, but also realistically to economies.
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Papers by Abiodun ADESINA