Question 1: Resource Allocation
Is our system as good as we thought at allocating resources? The case of futile labour, five hundred watches and children that go hungry.
Question 2: The Scarcity Myth
If scarcity is a real economic problem, why then most business founders find selling products and services the hardest thing to do? How did the world remain well fed and well clothed in Covid times with nearly 20% of population in the West out of work?
Question 3: Utility Maximization
Is utilitity maximization really a valid target for a social goal? Do people really prefer more utility to less ad infinitum? What if at a certain point “utility” from consumption is redundant? What if that point was reached say 30 years ago?
Question 4: The Measurement
Gross Domestic Product (GDP) as the main measurement of economic success has been extensively criticized, but still dominates economic policy goal setting due to lack of any reliable alternative. Happiness related indexes are thought of as alternatives, but they are inconsistent and unreliable by design. Is “Happiness” a red herring designed to demonstrate that there are no alternatives to GDP?
Question 5: Distribution
What happens if (or when?) AI, robotics and other technologies eventually result in negligible costs of production of goods and services? We currently distribute goods and services on the basis of the value of contribution/work. If no work is required, how do we decide who gets what?
Question 6: Purpose
What is the end goal of economic policies? If happiness is the end goal, as currently “speculated”, how do we measure something that is inherently subjective?
Question 7: Time
Make an experiment: ask a group of mature people about what they would really like to have more than anything else. Chances are, you will end up with time as the main desire: time to spend with loved ones, friends, hobbies, learning, creating. What does Economics tell us about time? How good are the modern economies at giving us this one true scarce resource?
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