Scarcity in society arises due to the excessive use of resources. When the desires of maximizing profit without considering social and environmental cost are not in control, scarcity is bound to happen. Economists formulate economic theories in order to give ideas so that resources are put in best use with an objective of increasing the profit or welfare. Not only economists, everyone would want the society where everyone is satisfied.

At this point of time, it will be considered a utopian society where scarcity is no more and everyone is satisfied. This is not possible in the near future. No economist can do anything about it. The problem of scarcity can be solved through collective manner. If all the people residing in the world try to live in a sustainable manner, it can be possible that one can survive the scarcity of the resources.

Therefore, living a sustainable life is the only solution and no economist can do anything about it. It is up to an individual level, how one lives. But, if this sustainable life is adopted by everyone, then one can think of a society where there is no scarcity, and everyone is satisfied, but that too in the long run.