Proposal for a New Economic Framework

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.