At the heart of economics lies the fundamental problem of scarcity. As Lionel Robbins reflected, economics is a science that studies ‘human behaviour as a relationship between ends and scarce means which have alternative uses.’ The recurring challenges faced by economists, consumers, businesses – in fact, everyone – is how to allocate finite resources amongst infinite needs and wants.
The New Netflix Economy
As Netflix prepares to celebrate its first birthday in Australia, Eddie Go reflects on how the popular streaming service has reshaped consumer demand and shaken up the entertainment industry.