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> Therefore, yes, you can have virtually infinite growth of economic value. I prefer to phrase it as "potentially asymptotically endless growth of economic val
by yourapostasy 10y ago
> Therefore, yes, you can have virtually infinite growth of economic value.
I prefer to phrase it as "potentially asymptotically endless growth of economic value". Lording over all of this are the (as far as we currently know) iron laws of thermodynamics. Until the economy is majority fad/fashion-driven and ascribes value literally upon human whimsy, it must derive ground truth value out of those laws, and as far as we know there does not exist an infinite supply of energy. We are a long ways from reaching the asymptote, but even "virtually infinite" will literally cook the planet with an economy using ideal Carnot efficiency-based engines.
- erispoe 10y agoThat's a good point and I accept your suggestion. But if we are never likely to even see the beginning of the asymptote, we can just treat it as infinite. And people understand "virtually infinite" more than "potentially asymptotically endless" even though you're correct. > Until the economy is majority fad/fashion-driven and ascribes value literally upon human whimsy, it must derive ground truth value out of those laws. I would disagree with that, but I'm happy to reconsider if you care to explain more. Economy is based on our preferences, as economic agents. The rationality of our preferences is irrelevant to the economic system. In this way, there is no "ground truth". That's supply and demand, not a cost-driven economy. There is no economy outside of interacting economic agents performing transactions, this is what an economy is.
- bordercases 10y ago> asymptotes This is brilliantly clarifying, thank you.