The Economics of Karaoke (and Other Necessities)

As in nature, the fact of scarcity creates a tendency for hostility among members of a species, as they compete for the limited goodies available. But unlike the merciless struggle of biological competition, human society enjoys peaceful cooperation through market-based competition. Specifically, humans employ (often imperfectly) the institution of private property, which assigns specific rights of usage and control to particular individuals.