In our increasingly automated economy, technology has replaced much of the need for non-elective human labor: in others words, we increasingly face a situation of technological unemployment. Thus automation is a double-edged sword. On the one hand, technological unemployment worsens income inequality and wealth disparity. On the other hand, there are purported gains in productivity and economic growth. I posit Abundance Economics as a new theory of economics that addresses this problematic disparity in two phases. First, in the automation economy phase, there would be an alleviation of material-goods scarcity for human survival, and second, in the actualization economy phase, there would be a focus on social goods for greater human thriving.
- Income Inequality
- Industrial Revolution
- Actualization Economy
- Social Good
- Social Pathology
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Swan, M. (2017). Is Technological Unemployment Real? An Assessment and a Plea for Abundance Economics. In: LaGrandeur, K., Hughes, J. (eds) Surviving the Machine Age. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-51165-8_2
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