Friday, June 3, 2011

Low wages, low growth, low employment: Brace for the age of contraction

Caught up in bubble mania, very few allowed themselves to accept the cosmic reality that constant expansion — of anything — is an impossibility.

Back to the age of limits and of no growth.  That's what Jerry Pournelle was writing about.  Here it is again, as it was in the age of malaise while Jimmah Carter was president.
The competition for natural resources intensifies, and it's certain that very soon we will leave the era of cheap, efficient energy that has driven the Industrial Age. These resources are not infinite.

Well, that sounds a bit too pessimistic. With the new technology around the corner, could it not also be

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