Have you noticed how the field of economics is splintered and divided into factions?
How it can’t seem to get its act together?
Makes some sense, but actually misses the major systemic issue of our times.
All exchange based measures of value (markets, money) are based in scarcity, and cannot attribute a non-zero value to universal abundance.
We now have the technological capacity to deliver universal abundance of a large and growing set of goods and services, but there is zero economic incentive within a market based system to do so. If you doubt this, just think about oxygen in the air, arguably the single most important thing for any human being, yet of zero value in any market, due to its universal abundance.
He is correct in a limited sense, but does not address the power of automated technology to deliver universal abundance.
My thesis is that markets are reaching the end of their social utility, as we transition from a history where scarcity was real, to a future characterised by universal abundance of all essential and most desirable goods and services.
We need to update our mindsets and measures of value to deal with the new reality, rather than creating legislative and social methods of maintaining scarcity and limiting the growth of awareness, simply to keep in place an economic system that has “passed its use by date”.