The Worldly Philosophers

1. How is scarcity and survival intertwined?

Scarcity is the lack of resources.  Back in the day, when men were hunter gathers, there was much scarcity of food, water, shelter, and other basic needs.  If these needs were not met, then one would most definitely die.  Therefore, people learned to work together so that survival was possible.
2. What are advantages and disadvantages of the two ways societies have been organized in the past?

In the past, civilizations were based on either tradition or authoritarian rule. Tradition ensured that whatever jobs were being done in the past were sure to be done in the present and future.  When a civilization was authoritarian, there was one man in charge.  That leader was able to make decisions based on what needed to be done.  An obvious advantage is that every job was completed.  Unfortunately, people were forced to do what they were told to do or what their family did, thus, leaving little room for individual growth.

3. Why was there no need for economists throughout most of history?

In the past, the economic systems were simple.  Everyone followed tradition, and there was usually one person in charge.  Therefore, this one person was able to make decisions about the economy and money, leaving nothing for economists to do.

4. Why do you think the economic  revolution was so disturbing?

The revolution was so disturbing because it opened the door to instability.  If everyone followed tradition and did exactly as they were told, then every job necessary would be completed.  After the revolution, individuals were left to make choices on their own.  Thus, the possibility of failure leading to a huge economic depression.