Scarcity and the rules of competition

Whenever something is a private good—meaning one person’s use of it excludes simultaneous use by others, and its utilization is singular in time—scarcity can arise. Once scarcity occurs, society must adopt some form of competitive rule to determine who wins access, allowing some to secure the right to use it while others seek alternatives. This is what economics calls scarcity. People cannot eliminate scarcity itself; they can only change the competitive rules (i.e., set different criteria) so that different individuals prevail. The most common method is to let the highest bidder win. #Finance #ReadingNotes