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Illusions Lost - An Elegy in Three Parts (I)

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Illusions Lost - An Elegy in Three Parts

Part 1: A World Without People

Part 2: Progress

Part 3: Growth



Part 1: A World Without People

In 1817 David Ricardo - that great advocate of free trade to exploit the wealth-enhancing benefits of comparative advantage - admitted the Luddites were right. Replacing paid workers with unpaid machines permanently reduces the need for human workers and renders the human population "redundant" to the owners of the machines. {David Ricardo, Principles of Political Economy and Taxation, Chapter XXXI On Machinery (1817)}

200 years later we are approaching the logical conclusion of that process. Here's what it looks like.

Machines replace people.

Machines don't "supplement" people.

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Derryl Hermanutz Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

I spent my working life as an independent small business owner/operator. My academic background is in philosophy and political economy. I began studying monetary systems and monetary history after the 1982 banking crash that was precipitated by (more...)

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