Scarcity economics and overcapacity

Neo-classical economics developed at a time when wealth was limited to what a relatively primitive industrial society could produce, and demand for goods was always greater than their supply. It is the economics of scarcity rooted in the medieval rule of parsimony, or principle of economy, frequently used by Franciscan monk William of Ockham (circa 1285-1349), which came to be known as Ockham’s Razor. Or to put it another way, scarcity, leading to the need for economy, is the determinant behind economics theory. The Franciscans, with their devotion to the poor and opposition to an opulent church, were the modern-day communists of the medieval Church.