Resources are scarce as compared to unlimited wants. But, the
economics of non-rival ideas creation has proved that resources are
ample and that physical resources could be used in ways that keeps
fulfilling the basic needs of society through the creation of ideas
that augment and bring multiplier effect to the availability of
given physical resources. In simple words, the development in
science and technology by developing human capital base has enabled
the societies through each level in history to make best use of
physical resources and avoid resource exhaustion for the basic
requirements. Despite that, poverty has persisted. Problem is not
with resource scarcity, it is with distribution of resources which
require an equitable and egalitarian socio-economic system. What is
needed is a system that consists of institutions working towards
fulfilling this objective. Capitalism, the way it is practiced as
an economic system, has largely allowed and promoted certain
institutions and their operations based on free market philosophy
and such institutions have been chief reasons behind much of
distributional inequity in the world today.
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