Answer to Question #30892 in Economics for Emmanuel

Question

Do you think that the study of economics is necessary in a situation of abundant resources?
Give and explain me your reasons and arguments

Answer 1

Without a study of economics, one can easily turn into a "resource curse" which contributes to poverty in the resource-rich countries in Africa. A study of economics help people find the most efficient way to utilize those rich resources in a non-wasteful way so that the standards of living can increase.

However, as economics is the study of the scarce, IF there is UNLIMITED (by that, it means that the resources will never run out, even after 1.000.000.000.000.000.000 years and such - resources are infinite) then economics as we know it does not exist since all goods are treated as air and sun shines in the new world.