Economics isn’t my field at all. But the big picture of abundance for the whole world’s population excites me.
How cool is everyone being able to live with abundance and not poverty? I feel hopeful we are going down this global track of abundance for the whole world, not just abundance for some privileged people.
An end to gobal, cheap and nasty products that put our local businesses out of business because they are so cheap; yet to be cheap – human lives are made miserable?
An end to the rich getting richer and the poor getting poorer?
Amin Toufani is a director of strategy at a university in USA and is speaking at a Christchurch summit this week. He has a Stanford MBA and master’s degree in economic policy and a degree in artificial intelligence.
In an article in the NZ Herald this morning Amin talks about the pace of technological change means our fundamental assumptions about economics need to be revisited. He said radical solutions are needed because the central bank policy of fighting deflation is now exhausted. He believes the idea of the universal basic income – a guaranteed wage for everyone – will eventually have to be adopted. He says, ‘We are going to get there, it’s just a question of when.’
‘Economists and governments need to reconsider their approach to scarcity. A lot of economic theories are predicated on the idea of scarcity. There is not enough of things to go around. It is true that exponential technologies will disrupt a lot of jobs but on balance there will be a lot more abundance in the world.’
Fabulous news for the world. But with banks and a few ultra-powerful and rich families holding the strings, how long will it take for the world to all enjoy abundance and not just a tiny percentage of the world population.