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Diamandis On Economics

March 15, 2013

Excerpted from Abundance, by Peter Diamandis and Steven Kotler:

Part of the problem is that most contemporary thinking about money and markets and such has its roots in the scarcity model.  In fact, one of the most commonly used definitions of economics is “the study of how people make choices under conditions of scarcity, and the results of those choices for society”.  As traditional economics (which believes that markets are equilibrium systems) gets replaced by complexity economics (which both fits the data significantly better and believes that markets are complex, adaptive systems), we may begin to uncover a postscarcity framework for assessment, but there’s no guarantee that such thinking will result in either more jobs or a different resource allocation system.

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