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My presentation at the University of Rome on January 24th.

December 16, 2013

I was invited to present a paper at Universitas Mercatorum, Rome, Italy on January 24, 2014. This exciting 2nd International Symposium is organized by one of Europe’s leading organizations; Business System Laboratory, advancing new ideas for a sustainable economic development in the world, combining both managerial theory and proactive practice. My topic is “Technology is a Two Edged Sword: Generating New Prosperity or Perpetuating Old Scarcity.”

This posting aims to educate the public about the chasm that grew in the minds of economists since the 2008 recession. Two groups emerged, those who believe that “austerity” plans can solve the recession better and faster and those who believe that “stimulus” plans can solve recession better and faster. These two opposing economic attitudes are based only in part on PhD training in economic theory, but mostly on hidden childhood experiences. If you learned to see the cup as half empty you become an austerity economist, you worry about the future, you stop borrowing, trim expenses across the board and balance your budget on the back of workers or family (with rational explanations). You are a scarcity oriented IMF chief concerned about food riots. You are a classic economist, seeing shortages as logical to have, life as a struggle. If you see the cup as half full you are a stimulus economist, you borrow more, invest more, trim only the waste and organize a great government stimulus package. You are a behavioral economist. You are a stimulus oriented FR chief concerned about employment. Prosperity is your goal, abundance, not a balanced budget. You are not worried about the future. looks like you live beyond your means to the classical economists, but you don’t. You live well on other people’s money and your own funds.

Scarcity and prosperity are a big part of the game called modern economics. Austerity or stimulus is another word for it. Prosperity of shortages, entrepreneurship vs. bureaucracy, and so on. I hope that you know how to borrow well. Read my books.


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