Global Digest's Comments
There is an old adage saying that the more books we have to write about a topic, then it is less likely that anyone truly understands what the heck they are talking or writing about. For instance, we only need one book on " Gravity"; while on the other hand, we need millions and millions of books, films, theories, articles and so forth to cover all the stories and everything magical that human minds could ever dream-up regarding “Economics”. There appears to be some truth to this old wisdom.
Enough is enough already; so let's cut to the gist. Here's all you really need to know about - “Economics”.
It is primarily a model that involves the relationships amoung three key factors - Inputs, Outputs and People. Inputs are finite ingredients or raw constructs needed to create outputs. They are finite, simply because they derive from the planet's resources (mass and energy) which stores and forms all of the raw constructs; they are limited and do not last forever.
By default, outputs are thus finite too. Again simply because you cannot make outputs, when there are no inputs. People, meanwhile, drive the demand for outputs and thus the expiration of those finite input ingredients. More people, means more demand for outputs, who will thus, in turn, more rapidly use-up all the remaining finite inputs or raw constructs.
This goes on, of course, until there are no more finite inputs left. Then, by default, there are no more outputs, too. Then you have too many people, who need too many outputs - that can no longer be made. Then, you have - A VERY BIG Problem!
Oh yes; lastly there is a final fourth factor in the overall economic model that comes into play, but only while the game lasts, called "unintended consequences". These include what may be called "output by-products" such as: climate change, ocean acidification, species extinction, biosphere destruction, and so on. Any one, or combinations of these consequences could restrict or prematurely end the game, while there are still some finite input ingredients available.
That too is - A VERY BIG Problem!
So there you go - that should pretty much be all you’ll ever need to know about economics. Also note, that in a funny sort of way economics is just like Gravity - "what goes up, must come down!" So it too is simply governed by universal laws! Imagine that?
Now, what to do with all those other millions of books and articles? Well, you may rest assured that, in time, physical limits combined with the mathematical relationships amoung Inputs, Outputs and People will have the last word. One might say, that's just common sense!
Hmm.
My name is Gail Tverberg. I am an actuary interested in finite world issues - oil depletion, natural gas depletion, water shortages, and climate change. Oil limits look very different from what most expect, with high prices leading to recession, and low prices leading to inadequate supply.
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