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Austrian economists like to point out that human wants and needs are effectively infinite (mostly due to the "wants" part), so there is fundamentally no reason
by john_b 12y ago
Austrian economists like to point out that human wants and needs are effectively infinite (mostly due to the "wants" part), so there is fundamentally no reason that our economy should cease functioning just because the "needs" portion becomes increasingly automated and efficient.
The problem is getting people to pay for the "wants" part. I'm worried that the internet has accustomed people to treating creative content as a free resource by nature of being on the internet. It's the most efficient distribution mechanism for a lot of creative works, but the economics of an ad-filled internet experience with the user as product is very disturbing on a grand scale.
The whole dream of economic progress since the Enlightenment was that our needs would become increasingly solved so that we could focus on what we really enjoy as human beings. To quote John Adams:
> "I must study politics and war that my sons may have liberty to study mathematics and philosophy. My sons ought to study mathematics and philosophy, geography, natural history, naval architecture, navigation, commerce, and agriculture, in order to give their children a right to study painting, poetry, music, architecture, statuary, tapestry, and porcelain."
But we live in a world with an ever expanding supply of people and a rapidly diminishing set of "necessary" jobs. If we want to avoid the end game of that situation (revolution) we need to find ways to get the economics of the unnecessary-but-still-valuable to work.