Many textbooks define economics in terms of allocating scarce resources. Smith, Malthus and Ricardo were writing at a time when food and fiber to feed and clothe the peoples of the then more developed countries of the world was limited. The present day marketing and pricing systems in the so-called free market more developed countries of the world were developed within the context of an economics of scarcity. In the more developed economies agriculture has been operating largely in an economy of abundance for the past few decades. In most of the less developed countries certain commodities are produced under an economy of abundance. The economy of abundance is probably defined as those portions of the agricultural sector of the economy in which various income transfer schemes through the federal treasury to agriculture are made while there is a rapid outmovement of people from that agricultural sector and in most cases there is at least an alleged attempt at government production controls.
economy, marketing, government, consumers