The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
I think that Soddy had it right insofar as he was dealing with a "material" economy with obviously finite limits to growth if we use a "deficit-based" Money based upon claims over material wealth.
But Soddy wrote the quote you use
Unlike wealth, which is subject to the laws of thermodynamics, debts do not rot away with old age and are not consumed in the process of living
before the massive growth in the "immaterial" or "Knowledge" economy.
Intellectual Property does not "rot away" - although it may be superseded, and less valuable, it exists for ever - and therefore entropy does not apply to it.
I believe that the infinite nature of IP is the key factor (coupled with direct global connectivity) changing our Society in ways that we have yet to understand. I do not think Soddy's linear assumptions apply in respect of it, and we must therefore look down the non-linear road, and consider the relevance of Quantum Mechanics.
That is part of what I was trying to get at in this untutored ramble
Knowledge-based Value and Intellectual Property
It follows that I think that the future lies in "Smart Growth" and the better use of the finite resources we have, in addition to a new take on the financial market infrastructure we use.
Moreover, I think that the release of the use value of IP, as opposed to physical resources that is already generating huge real economic value, and that this is only the beginning.
Bangladesh is a case in point: one of the biggest value generators in Bangladesh, which employs of the order of 250,000 people, apparently, is Grameen Phone.
This is the JV between Yunus' Grameen Bank (which funds the myriad "village phones" and the entrepreneurs who operate them) and the Norwegian Telco, Telenor.
One of the consequences of this knowledge-based generation of value is also, IMHO, the "Death of Inflation", as (infinite) knowledge largely comes to replace (finite) Labour.
The problem is that we continue to allow private Capital to accumulate the fruits of this increasingly smart growth as they have done the fruits of the growth in "material" wealth/ Capital.
IMHO the solution to this is to apply a tax/ levy upon the privilege of private "ownership" of the Commons of Knowledge, in the same way that we should do in respect of the "Commons" of Land, where Henry George got it right, but was airbrushed from economic history.
"The future is already here -- it's just not very evenly distributed"
by gmoke - Nov 28
by gmoke - Nov 12 7 comments
by Oui - Dec 2
by Oui - Dec 18 comments
by Oui - Dec 1
by gmoke - Nov 302 comments
by Oui - Nov 3012 comments
by gmoke - Nov 28
by Oui - Nov 2837 comments
by Oui - Nov 278 comments
by Oui - Nov 2511 comments
by Oui - Nov 24
by Oui - Nov 221 comment
by Oui - Nov 22
by Oui - Nov 2119 comments
by Oui - Nov 1615 comments
by Oui - Nov 154 comments
by Oui - Nov 1319 comments
by Oui - Nov 1224 comments
by gmoke - Nov 127 comments
by Oui - Nov 1114 comments
by Oui - Nov 10