You actually do have something of a buffer, but it's invisible to most terminal emulators (which is why e. g. scroll bars don't appear to work). One way to get at it is to enter copy mode (Ctrl-A,[ followed by arrow keys, PgUp, et cetera). The size of this buffer can be configured in .screenrc, but I don't believe it can be changed. You you an change its allocation inside a running screenyour screen session:
Ctrl-a + : and typing
scrollback 1000
gives you a 1000 line buffer.