The concept of scarcity has been studied by different economic schools reaching different explanations in this regard. This article attempts to clarify the characteristics of scarcity in the Classical School of Political Economy, the Marginalist School of Economics, and the Marshallian synthesis from a new ontological and epistemological path. Accordingly, the discussion underlines that for the Classical School of Political Economy scarcity is considered as an empirical fact in contrast to the Marginalist School which instead considered it as a theoretical consequence derived from its axioms, while Marshallian theorists in their analytical scenario referred to both schools by introducing an ontological and epistemological ambiguity about scarcity. The article concludes by highlighting that the scarcity characteristics of the mainstream economics neglect the sociocultural, historical, and political dimensions, making the consideration to abolish them through social, political, and economic changes, as a difficult and -at times- vain option.