The scarcity principle can make us value things more highly from "summary" of Predictably Rational? by Richard B. McKenzie
The scarcity principle, a concept deeply ingrained in human nature, plays a significant role in how we perceive the value of things. When something is scarce or limited in availability, we tend to place a higher value on it. This principle is based on the simple fact that scarcity creates a sense of urgency and importance in our minds.
In a world where abundance is the norm, scarcity stands out as a rare and coveted quality. This makes scarce items more desirable and valuable to us. We are willing to pay more for something that is scarce because we believe that its limited availability makes it worth more.
Psychologically, scar...
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