In November 2024, the University of Buckingham hosted the international conference “Morality, Human Behaviour and Economics” at the Vinson Centre. The event brought together leading scholars to examine the ethical foundations of economic systems – an increasingly relevant question in contemporary policy debates, including those surrounding Universal Basic Income.
Notable speakers included Pedro Schwartz, Benedikt Koehler, Philip Booth, Billy Christmas, and James Tooley.
In her presentation, “How Understanding Lack Uncovers Moral Foundations of Capitalism,” Elena Leontjeva explored how scarcity is not merely an economic constraint, but a defining feature of human existence.
This perspective has direct implications for policy discussions such as UBI. If scarcity is inherent and human needs remain unlimited, then no policy – however ambitious – can fully eliminate the need for choice, responsibility, and trade-offs.
The presentation highlighted:
Drawing on Lithuania’s post-independence experience, Elena Leontjeva reflected on reforms that embraced, rather than denied, scarcity – establishing institutions grounded in responsibility, ownership, and sound economic principles.
Her experience underscores a key insight: sustainable progress does not come from attempting to override scarcity, but from working within its constraints.
As discussions around Universal Basic Income continue to gain traction, this perspective invites a deeper reflection. Proposals that aim to “solve” scarcity risk overlooking its fundamental role in shaping human behavior, incentives, and social cooperation.
Understanding lack as an enduring condition helps reframe the debate: the key question is not how to eliminate scarcity, but how to design systems that respect human limitations while enabling freedom, responsibility, and long-term prosperity.
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