Remaking Scarcity: From Capitalist Inefficiency to Economic Democracy

The dominant schools of neoclassical and neoliberal economics tell us that material scarcity is an inevitable product of an insatiable human nature. Against this, Costas Panayotakis argues that scarcity is in fact a result of the social and economic processes of the capitalist system.

The overriding importance of the logic of capital accumulation accounts for the fact that capitalism is not able to make a rational use of scarce resources and the productive potential at the disposal of huma...