Economics is the forgotten field.
Our civilisations technical debt.
Our economic system was designed in 1930, or 1950. At a completely different time.
But today: we live in a digitized, aging, globalized, AI-powered world, yet we’re still using the old operating system.
It needs updating.
It’s an odd subject.
Unlike sciences – chemistry, biology or physics, you can’t really test it, and you can’t really run experiments. It becomes entirely theoretical based. New theories can’t really be tested. It becomes more political and ideological.
Most of the best economics go into industry. If you have a new insight, you can make a hell of a lot of money. The opportunity cost of becoming an economist are not worth the sacrifice.
I have so many problems with the subject of economics.
The core of it starts with the assumption:
Economics is the study of the he allocation of finite resources in the face of peoples infinite desires.
This is deeply flawed.
I think you have to boil down the micro to test the macro.
Finite resources and infinite desires works up to a point, but then it breaks.
The economy is now completely different to how it was before.
For me, I have an unlimited desires to create infinite products, but I don’t have desire to purchase an infinite number of goods. I can only eat a certain amount of food in a day. I can only go on so many holidays.
This contradiction between finite resources and infinite desires is part of our core economic contradiction.
We expect continual economic growth. Yet we don’t build more housing.
There is no feedback loop in economics. No forces of gravity.
In a world of abundance, we need to eliminate rid of zero-sum thinking.
The problem is that we just don’t have any models for that.
We need to fix our civilisations technical debt and re-write our operating system for the intelligence age.
