Nanotechnology Plan Headed to President

Spaceref.com ^ | Nov 20, 2003 | Staff

[Moonman62]

Piffle. If the technology lives up to its full potential, it will destroy almost every existing tenet of economics. Both labor and capital will become irrelevant to the creation of wealth. It will instead be a matter of energy and information.

Technology and other forms of productivity increases have been destroying jobs for as long as we've had an economy. Lucky for us, capitalists have a way of creating new markets that create new jobs, which is why the service sector dominates when it comes to providing jobs. That's also why we were able to defeat the Soviet Union using economics. The commies believed the service sector was purely a cost and was to be avoided. When they wanted to make it appear that their economy was growing, they would produce an extra 100,000 tractors that nobody needed.