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Fenster schliessen

scarcity

society has limited resources and can't produce all goods and services people wish to have 

Fenster schliessen

prodution possibilities frontier

  • how to use resources to satisfy different needs (tradeoff)
  • shifts upwards if more resources / technology / skills 
Fenster schliessen

criteria to evaluate allocative outcomes 

  • allocative efficiency: absence of wasted resources
  • optimality: achieve objective under given constraints at least cost
  • sustainability: concenr for posterity 
Fenster schliessen

classical economics 

  • adam smith
  • dismal science: environment sets limits to expansion of economic activity 
  • absolute scarcity 
  • malthus: poor prospects of improving living standards in long run
Fenster schliessen

neoclassical economics 

  • relative scarcity: depends on cost more than availability of resources
  • resources replaced by human inputs
  • growth is possible and dominant objective 
  • 1970s
    • environment economics (focus on output)
    • natural economics (focus on input)
Fenster schliessen

ecological economics 

  • economy as independent system
  • aim social justice, fairness 
Fenster schliessen

neoclassical vs ecological economics 

differences + similarities 

  • neoclassical
    • study of economy-environment interaction is an optional extra
    • prioritize individual preferences and consumer sovereignty
    • efficiency is central
  • ecological
    • study of economy-environment interaction is fundamental
    • proritize individual and social health
    • sustainability is central 
  • both assume rationality and are anthropogenic, aim to maximize utility of homo oeconomicus 
Fenster schliessen

3 types of competition

  • perfect: products are homogenous,
    • Buyers and sellers are numerous
    • Have no influence on price,
    • Perfect information
    • Adjust quickly
  • monopoolies: one seller controls price 
  • oligopoly: few sellers