The scarcity syndrome
1982
Paarlberg, D.
Extract: The popular mindset has shifted from concern about agriculture's excess production capability to a feeling that we may be unable to meet the demands laid on us by our growing domestic and foreign markets. Both the surplus scenario and the scarcity syndrome arise from an underestimation of the ability of market prices to allocate resources and guide consumption. The surplus scenario became self-fulfilling; the scarcity syndrome may likewise do so. Greater reliance on the market would be in the public interest.
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