Path: utzoo!attcan!uunet!zaphod.mps.ohio-state.edu!uakari.primate.wisc.edu!sdd.hp.com!usc!apple!agate!shelby!rutgers!aramis.rutgers.edu!athos.rutgers.edu!nanotech From: pem5@cunixa.cc.columbia.edu (Perry E Metzger) Newsgroups: sci.nanotech Subject: Re: Nanotechnology Message-ID: Date: 25 Oct 90 20:33:58 GMT Sender: nanotech@athos.rutgers.edu Organization: Columbia University Lines: 35 Approved: nanotech@aramis.rutgers.edu [Mod. note: another followup to the "nanoecomonics' article.] >I think it's worth mentioning at this point that within the next half-century, >the entire nature of economics will be changed by technology. Specifically, >nanotechnology. As they said in Porgy and Bess, "It ain't neccessarily so." I suggest you read the book "The Machinery of Freedom" by David Friedman. In it, he argues that when society advances economics remain the same, but the things that are considered valuable can change radically. For instance, matches used to be valuable. Nowadays they are given away at bars as advertising. Friedman addressed the question of what happens to economics when automation makes everything we have now dirt cheap. (He didn't know about nanotech when he wrote the book, but the principles are the same). Someday, Friedman noted, it is possible that fine restaurants served by robot waiters will let you eat free because food will be too cheap to charge for; the restaurant would make its money off of selling its walls and the tablecloth for advertising. The domain of valuable objects might someday become information, or rare materials (all the nanotech in the world won't let you turn lead into gallium, for instance), or energy, or a host of other things. Don't assume that just because food and shelter might become too cheap to care about that economics will cease to function. Even if the human race completely transforms, so long as there are intellegent creatures and they possess different resources they will be governed by the laws of economics when they engage in trade. Perry Metzger --------------------------------------------------------------------------- "Oppression by one man is a crime. Oppression by many men is a government." Curious about the Libertarian Party? Call LP National HQ at 1-800-682-1776.