Unlimited Wants, Limited Resources | How & How NOT to Do Economics with Robert Skidelsky

The video explores Lionel Robbins' definition of economics, focusing on the relationship between unlimited wants and scarce resources. It critiques Malthus' population theory and discusses the shift from population growth to consumption as the driver of unlimited wants. The video also examines scarcity as a socially constructed concept and critiques the traditional economic problem, suggesting that distribution plays a key role in addressing scarcity.

What role does society play in shaping human wants according to the text?

How does the text describe the relationship between scarcity and human action?

What is the significance of distribution in the context of resources and poverty?

What conclusion does the text draw about the necessity of economics in a situation of general plenty?