What is the scarce resource?
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The concept of scarcity has been highlighted in various contexts by different experts, emphasizing different scarce resources relevant to specific fields and societal changes:
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Human Capital: discussed the shift from physical and financial capital being scarce resources during the industrial age to human capital becoming a scarce resource in the knowledge age. The value of human capital, such as the skills and abilities of people, is not easily quantified on financial statements but is crucial for creating competitive advantages in businesses 1.
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Attention: Both and highlighted attention as a scarce resource in the modern digital age. Hormozi described attention as fixed and under-monetized, valuable for companies capturing it for profit, while Varol emphasized the importance of carefully directing attention to avoid negative influences on one's mental well-being 2 3.
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Time: brought attention to time as a scarce resource, especially in the context of productivity and effectiveness in professional settings. Managing time efficiently can significantly affect one's quality of work and overall job satisfaction 4.
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Digital property and compute power: On the technological and digital front, tokens on blockchain networks like Ethereum and Blockstack are associated with scarce resources such as compute power and digital property. These platforms require tokens to access and utilize these resources, emphasizing their scarcity in the digital realm 5 6.
Each of these perspectives sheds light on what is considered scarce in different fields, ranging from economic resources to intangible assets like time and attention.
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