21st-Century Political Economies: Beyond Information Abundance

Abstract

As a result of the relatively low cost of digital reproduction, a global transformation is occurring in the nature of products and processes and in types of goods and services. Arising from information abundance, this global transformation is making the phenomenon of abundance a major field of study, not only for economists but also for other social scientists and physical scientists as well. This essay proposes an economic definition of abundance and a typology of sources of abundance. It argues that real economic abundance can come about only when the demand for a good is finite and the plentiful supply makes the abundant good affordable enough to all members of society. It lists an abundance-nurturing ethic as a major goal of abundance management, and encourages economists to make abundance together with scarcity their conceptual point of departure. Finally it links the phenomenon of abundance to the concept of the commons.