RE: Technology Overcomes Scarcity
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I am not sure how you define "scarcity mindset."
The recognition of scarcity is often the driving force of technology and innovation.
The goal of economics is to optimize the return from our resources. Markets tend to value scarce commodities at a premium. Technology finds ways to get the most of our resources.
Technology in conjunction with sound economic policy tends to lead to a better society.
I agree that there is something wrong with the modern way of facing scarcity.
The media, of course, likes to present everything as a crisis. People who live in fear seek political solutions. The political solution generally leads to poor economic decisions and manages to make scarcity worse.
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What happens to what you wrote if the economic models are not based upon scarcity anymore?
As for the point about scarcity, of course technology solves it. And that is the thrust of the article. People still buy into it in particular areas even when there is ample evidence of technology overcoming that issue.
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This idea assumes that the economic model creates realty. While there is some truth to the fact that policies and perception affect the economy, people still live in a real world.
In economic models the term "scarcity" is simply a way of pegging the economic model back to the real world.
It seems to me that the best way to create abundance is to create economic models that actually reflect real human lives.
The economic fantasies that people create tend to crash when confronted with reality.
It was not too long ago that people felt that derivatives, mortgage-backed-securities and other economic artifacts could lead directly to widespread prosperity.
These economic contrivances created short-lived bubbles in which people felt abundance, but economic realities set in when the bubbles burst.
What is the past-tense of burst? Is it burst, bursted, bursticated? I thought I was making a point and I just proved that I don't know how the English language works.
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