Complex sentence: But these may be seen as examples of artificial scarcity, reflecting societal institutions-for instance, the resource cost of giving someone the title of "knight of the realm" is much less than the value that individuals attach to that title.
Split into simpler sentences: But these may be seen as examples of artificial scarcity, reflecting societal institutions. That is, the resource cost of giving someone the title of "knight of the realm" is much less than the value that individuals attach to that title.