The real challenge—if we don’t manage to destroy ourselves through war, greed and denial of the imperative for environmental stewardship—finally will become equipping each human being with the means to engage in intellectually demanding and creative work and to share in the bounty.Put another way, political economy will return with a vengeance. Will that plenitude create a situation incompatible with its capitalist integument?
Access to technology and energy are already remarkably cheap, and globalization is making their benefits ubiquitous—bold commercial innovations are emerging from even the poor countries of Africa. By this century’s end, continued progress could put much of economics—the study of scarcity—out of business.
Measuring and boosting GDP will no longer be the logic of progress.
MARX, OR WALRAS, REDUX?
Peter Morici has the Ghost of Christmas Yet To Come bringing good tidings to Zion.