The dominant economic model of the post-war era has run its course. It’s time to embrace a new paradigm that focuses on enabling producers to succeed, especially in advanced, traded-sector industries.
Well said--thanks. There seems to be a fundamental flaw in the theory of wealth creation. Consequently, we cannot explain why, upon reaching developed status, nations or economies suffer from decline. The underlying reason appears to be the evolution of products and processes, which tends to shift prosperity epicenters across firm and national boundaries. Unless this basic issue is considered, production or replication-centric and consumption-centric models tend to keep confusing us. Hence, we have been looking into this issue from the perspective of waves of prosperity due to the evolution of inventions and innovations, as explained: https://wavesofprosperity.substack.com/p/dynamics-of-technology-driven-prosperity
Well said--thanks. There seems to be a fundamental flaw in the theory of wealth creation. Consequently, we cannot explain why, upon reaching developed status, nations or economies suffer from decline. The underlying reason appears to be the evolution of products and processes, which tends to shift prosperity epicenters across firm and national boundaries. Unless this basic issue is considered, production or replication-centric and consumption-centric models tend to keep confusing us. Hence, we have been looking into this issue from the perspective of waves of prosperity due to the evolution of inventions and innovations, as explained: https://wavesofprosperity.substack.com/p/dynamics-of-technology-driven-prosperity