In Reverse Gear

Economics has been trying to solve the basic problem of distribution for a long time now : limited means  vs.  man’s unlimited needs but with a long list of assumptions, “rationality” being one of the main ones.

Finally ,  It’s taken many recessions , inflationary spells , income inequalities, coming and going of all kinds of bubbles  and a couple of scams  that we have  made it  to the peak which is  under a mountain of debt .

Growth as we have all known for decades is coming to an end.

Soon   , incomes will shrink, productivity of machines will be at an all time high, birth rates will fall, and longevity will increase, production will be way ahead of demand.

Individuals and businesses will be sharing resources and not wanting to own too much stuff. The biggest asset anyone could   have will be a connected network.

People will no longer be tricked or tempted to buy now and pay later.

Governments will not be able  play around with currency , or maybe people will  choose to mine their own currency or accord value to what their network values and set that up  as a medium of exchange..

Robots will pay taxes to the government

Incomes might be static or some form of universal basic income might be what most people get.

People are soon going to make different choices which will have different consequences and will want to measure radically different outcomes.

The end of the dismal science as we know it .  

Time to acknowledge that.

#economics #recessions