Can all economic problems be understood as dealing with scarcity, i.e. with how to use existing resources to satisfy alternative needs? Discuss by drawing on the fundamental paradigms in economics.

July 23, 2023July 23, 2023 Discipline: Economics
The 2 competing paradigms are exchange vs production 

use these paradigms and reference them 

  1. The production paradigm –  Classical
    Political Economy

    •Adam
    Smith and David Ricardo 
  2. exchange paradigm – Léon Walras’s theory of general equilibrium

must not be plagiarised 

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