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New age of scarcity

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During the 1970s, commentators on TV and in the newspapers constantly spoke of a "new age of scarcity" because "resources are being depleted," and that Americans needed to lower their expectations. Today, Americans have significantly higher standards of living than did people 40 years ago. Does that mean that scarcity no longer is an issue in economics? Why or why not?

Reference no: EM131937627

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