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Does scarcity apply only to commodities?
Why will Australia increase their interest rate only when US increases their interest rate?Does Craigslist Reduce Unemployment?Optimal taxation and substitute commoditiesLarry Summers on the causes of secular stagnationHow would a foreign trade multiplier behave if imports depended only on exchange rates?Help me understand scarcityWhat is the name given to an exporting-only economy?On what does currency value dependWhy Certainity Eqivalence in PIH only holds for quadratic utilitiesAre there economic models that predict (only) a medium/long-term negative effect of protectionism?
$begingroup$
I feel like Wikipedia may be misleading me in a subtle or egregious way.
The very first line of Scarcity is: "Scarcity is the limited availability of a commodity..."
It does, of course, helpfully provide that "a commodity is an economic good or service that has full or substantial fungibility..."
My question, then, is: Does it really make no sense in economics to discuss the scarcity of non-fungible goods?
(In the interest of full disclosure, my interest in the subject is mostly related to thinking around whether post-scarcity has anything at all to say about non-commodities, but that's quite a different set of questions.)
macroeconomics
asked 8 hours ago
RogerRoger
1063
New contributor
Roger is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
$endgroup$
add a comment |
$begingroup$
I feel like Wikipedia may be misleading me in a subtle or egregious way.
The very first line of Scarcity is: "Scarcity is the limited availability of a commodity..."
It does, of course, helpfully provide that "a commodity is an economic good or service that has full or substantial fungibility..."
My question, then, is: Does it really make no sense in economics to discuss the scarcity of non-fungible goods?
(In the interest of full disclosure, my interest in the subject is mostly related to thinking around whether post-scarcity has anything at all to say about non-commodities, but that's quite a different set of questions.)
macroeconomics
asked 8 hours ago
RogerRoger
1063
New contributor
Roger is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
$endgroup$
$begingroup$
What is an example of a non-fungible good?
$endgroup$
– Herr K.
7 hours ago
1
$begingroup$
An original Picasso is an example of a non-fungible good. It's certainly scarce in that there's a limited quantity -- namely, one. It's not a commodity, for the same reason (there is no substitute for unique items.)
$endgroup$
– Bill Clark
4 hours ago
add a comment |
$begingroup$
I feel like Wikipedia may be misleading me in a subtle or egregious way.
The very first line of Scarcity is: "Scarcity is the limited availability of a commodity..."
It does, of course, helpfully provide that "a commodity is an economic good or service that has full or substantial fungibility..."
My question, then, is: Does it really make no sense in economics to discuss the scarcity of non-fungible goods?
(In the interest of full disclosure, my interest in the subject is mostly related to thinking around whether post-scarcity has anything at all to say about non-commodities, but that's quite a different set of questions.)
macroeconomics
asked 8 hours ago
RogerRoger
1063
New contributor
Roger is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
$endgroup$
I feel like Wikipedia may be misleading me in a subtle or egregious way.
The very first line of Scarcity is: "Scarcity is the limited availability of a commodity..."
It does, of course, helpfully provide that "a commodity is an economic good or service that has full or substantial fungibility..."
My question, then, is: Does it really make no sense in economics to discuss the scarcity of non-fungible goods?
(In the interest of full disclosure, my interest in the subject is mostly related to thinking around whether post-scarcity has anything at all to say about non-commodities, but that's quite a different set of questions.)
macroeconomics
macroeconomics
asked 8 hours ago
RogerRoger
1063
New contributor
Roger is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 8 hours ago
RogerRoger
1063
New contributor
Roger is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 8 hours ago
RogerRoger
1063
New contributor
Roger is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 8 hours ago
RogerRoger
1063
asked 8 hours ago
RogerRoger
1063
1063
New contributor
Roger is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
Roger is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
$begingroup$
What is an example of a non-fungible good?
$endgroup$
– Herr K.
7 hours ago
1
$begingroup$
An original Picasso is an example of a non-fungible good. It's certainly scarce in that there's a limited quantity -- namely, one. It's not a commodity, for the same reason (there is no substitute for unique items.)
$endgroup$
– Bill Clark
4 hours ago
add a comment |
$begingroup$
What is an example of a non-fungible good?
$endgroup$
– Herr K.
7 hours ago
1
$begingroup$
An original Picasso is an example of a non-fungible good. It's certainly scarce in that there's a limited quantity -- namely, one. It's not a commodity, for the same reason (there is no substitute for unique items.)
$endgroup$
– Bill Clark
4 hours ago
$begingroup$
What is an example of a non-fungible good?
$endgroup$
– Herr K.
7 hours ago
$begingroup$
What is an example of a non-fungible good?
$endgroup$
– Herr K.
7 hours ago
1
1
$begingroup$
An original Picasso is an example of a non-fungible good. It's certainly scarce in that there's a limited quantity -- namely, one. It's not a commodity, for the same reason (there is no substitute for unique items.)
$endgroup$
– Bill Clark
4 hours ago
$begingroup$
An original Picasso is an example of a non-fungible good. It's certainly scarce in that there's a limited quantity -- namely, one. It's not a commodity, for the same reason (there is no substitute for unique items.)
$endgroup$
– Bill Clark
4 hours ago
add a comment |
1 Answer
1
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oldest
votes
$begingroup$
For completeness, you might want to include the definition of Fungibility as well: "In economics, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable, and each of its parts is indistinguishable from another part."
If you have a collection of objects, and each object is (in some relevant sense) interchangeable with any of the other objects, then they are fungible and thus a commodity. If there aren't very many of them, they may be scarce.
However, if you have a collection of objects, none of which are interchangeable with any others in a relevant sense, then they are essentially unique objects. You could still say that they were scarce (there is only one of each) but not that they are commodities... though in practice, people typically don't refer to unique objects as scarce.
answered 7 hours ago
Bill ClarkBill Clark
38410
$endgroup$
add a comment |
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$begingroup$
For completeness, you might want to include the definition of Fungibility as well: "In economics, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable, and each of its parts is indistinguishable from another part."
If you have a collection of objects, and each object is (in some relevant sense) interchangeable with any of the other objects, then they are fungible and thus a commodity. If there aren't very many of them, they may be scarce.
However, if you have a collection of objects, none of which are interchangeable with any others in a relevant sense, then they are essentially unique objects. You could still say that they were scarce (there is only one of each) but not that they are commodities... though in practice, people typically don't refer to unique objects as scarce.
answered 7 hours ago
Bill ClarkBill Clark
38410
$endgroup$
add a comment |
$begingroup$
For completeness, you might want to include the definition of Fungibility as well: "In economics, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable, and each of its parts is indistinguishable from another part."
If you have a collection of objects, and each object is (in some relevant sense) interchangeable with any of the other objects, then they are fungible and thus a commodity. If there aren't very many of them, they may be scarce.
However, if you have a collection of objects, none of which are interchangeable with any others in a relevant sense, then they are essentially unique objects. You could still say that they were scarce (there is only one of each) but not that they are commodities... though in practice, people typically don't refer to unique objects as scarce.
answered 7 hours ago
Bill ClarkBill Clark
38410
$endgroup$
add a comment |
$begingroup$
For completeness, you might want to include the definition of Fungibility as well: "In economics, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable, and each of its parts is indistinguishable from another part."
If you have a collection of objects, and each object is (in some relevant sense) interchangeable with any of the other objects, then they are fungible and thus a commodity. If there aren't very many of them, they may be scarce.
However, if you have a collection of objects, none of which are interchangeable with any others in a relevant sense, then they are essentially unique objects. You could still say that they were scarce (there is only one of each) but not that they are commodities... though in practice, people typically don't refer to unique objects as scarce.
answered 7 hours ago
Bill ClarkBill Clark
38410
$endgroup$
For completeness, you might want to include the definition of Fungibility as well: "In economics, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable, and each of its parts is indistinguishable from another part."
If you have a collection of objects, and each object is (in some relevant sense) interchangeable with any of the other objects, then they are fungible and thus a commodity. If there aren't very many of them, they may be scarce.
However, if you have a collection of objects, none of which are interchangeable with any others in a relevant sense, then they are essentially unique objects. You could still say that they were scarce (there is only one of each) but not that they are commodities... though in practice, people typically don't refer to unique objects as scarce.
answered 7 hours ago
Bill ClarkBill Clark
38410
answered 7 hours ago
Bill ClarkBill Clark
38410
answered 7 hours ago
Bill ClarkBill Clark
38410
answered 7 hours ago
Bill ClarkBill Clark
38410
38410
add a comment |
add a comment |
Roger is a new contributor. Be nice, and check out our Code of Conduct.
Roger is a new contributor. Be nice, and check out our Code of Conduct.
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$begingroup$
What is an example of a non-fungible good?
$endgroup$
– Herr K.
7 hours ago
1
$begingroup$
An original Picasso is an example of a non-fungible good. It's certainly scarce in that there's a limited quantity -- namely, one. It's not a commodity, for the same reason (there is no substitute for unique items.)
$endgroup$
– Bill Clark
4 hours ago