I’ll keep this simple because it is simple. Most people know exactly what I am talking about. Most people feel that a huge change is underway. Most people feel deep in their hearts that whatever we are doing today will be different tomorrow. Most people feel a strange combination of anxiety and optimism.
It’s Time to Change
No, it’s not just a political change or an economic change or even a social change. All of these, in their simplicity, would not do justice to the magnitude of what is really about to happen. The forces now in play will resolve to the equivalent difference between the hunter gatherer civilization, and the Renaissance. The next economic paradigm will be as different as the abacus is from the computer itself. Yet, the process by which this is happening is so simple, that the mind is repelled.
Factors of Production
In the Industrial revolution, a machine would make widgets. It did not matter whether you or I ran the machine, the same widget would emerge.
Today, the machine is a computer. Your interaction with the computer is entirely different than my interaction with the computer. In fact, you could swap out the computers and our individual output would remain unchanged.
A HUGE difference
Factors of production are no longer the land, labor, and financial capital of Classical Economic theory. The factors of production are social, creative, and intellectual capital of people and their communities.
Classical economic theory is breaking down. There is a huge change on the horizon. The new economic paradigm is in the process of siphoning off the old economic paradigm. We’re approaching mid-span; both tanks are half empty or half full, depending on how you look at it.
Confidence is a mixture of anxiety and optimism
I can say with great confidence that anxiety and optimism are the correct emotions to be experiencing today. So go ahead and tell the children in your life that everything will be OK.