Summary of The Price of Tomorrow

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7

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Tech entrepreneur Jeff Booth has grappled with the dynamics of online platforms and artificial intelligence, an experience that leads him to believe that technology will fundamentally upend long-held economic precepts. Prices will fall and jobs will disappear, he writes in this sometimes-contrarian take on the future economy, but that will bring the benefits of cheaper living and abundance to all. While economists may quibble with some of his arguments, Booth has undoubtedly put his finger on developments that are just beginning to emerge.

About the Author

Jeff Booth is a co-founder of BuildDirect and a technology adviser. In 2016, Goldman Sachs named him among its 100 most intriguing entrepreneurs.

 

Summary

The old pattern of relying on an inflationary economy with steady job creation is starting to break down.

Societies tend to derive economic prescriptions from the concept of scarce resources. They assume that ever-widening consumer demand automatically creates new jobs and that scarcity produces an inflationary environment. But technology is disrupting these familiar dynamics. Many goods and services will become less scarce, or even free, and technology will replace jobs faster than new ones can arise. These changes will lead to a lower cost environment with less work for humans to do.

If people continue to cling to outdated assumptions, this technologically driven economic turmoil risks worsening already growing income and wealth inequality, as labor markets produce fewer and fewer vacancies. Deteriorating economic conditions may lead to populations further swayed by politicians with populist and polarizing narratives. Competition for a shrinking pool of well-paying jobs, both domestically and internationally, is a recipe for more conflict, discord and hatred.

Technology...


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    M. B. 2 months ago
    Governments should stop borrowing and printing money . They will keep borrowing and printing money because is not their money and they don't have to give it back. That's how they think and people vote them . Jump to the arena and tell people you will not borrow , you will not print and you will save money. Nobody will vote you. That's how we are now.