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Age of Abundance

PostPosted: Wed Aug 24, 2011 6:06 am
by scooter
A continuation of a discussion from the bar two weeks ago.

The video really starts at 18:40 (ignore the mindless intro).

http://www.youtube.com/watch?v=ceEog1XS5OI

It's a shame that the speakers mention future technical umemployment, but avoid it's end effect on our current economic model. They use the old economist's adage that when one sector of the labor market closes due to new technology, a new one emerges to hire the displaced workers. This is a fallacy.

In an age of abundance, an economic model based on scarcity is obsolete.