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Alchemy: Turn Knowledge Into Gold, by Soundview Executive Book Summaries, Soundview Executive Book Summaries, March 1991.

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Unlimited Wealth

Explains how we live in a world of unlimited physical resources because of rapidly advancing technology.

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"The Economic Alchemist," by Paul Wirth, Lehigh Alumni Bulletin, October 1990.

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THE SUMMARY IN BRIEF
     Most of us aren't economists, but we do understand the basic principles of supply and demand, and the importance of resources, right? The basis of the traditional economic model is really quite simple: A society's wealth depends on its supply of physical resources (land, labor, minerals, and water). The only way to get more of these resources is to buy them or take them from somebody else. And because of the scarcity of most resources, one person's gain has to be someone else's loss.
     This view of the world has spawned wars, revolutions, political movements, government policies, business strategies, and maybe a religion or two. History shows that people will always search for a better way to get a larger piece of the economic pie.
     But what if we viewed the world as providing unlimited resources that permitted the possibility of wealth for all? What if, like the ancient alchemists who tried to turn base metals into gold, we could create great value where little existed before?
     We don't need to pretend--this is the way the modern world now works. Thanks to the magic of technology, we can expand the supply of resources available to us as well as create new materials to replace those resources the earth and cartels make hard to get.
     Technology makes it possible to turn the raw materials of nature into elegant and sophisticated devices more efficiently than ever. Because we can "make computers from dirt," as mathematician Mitchell Felgenbaum recently said, we're playing and entirely new game.
     What are the rules of this new "game"? Can the Theory of Alchemy change your life? That's what this summary is all about. You'll learn:

The origins, nature, and rules of the new game;
The six laws of the Theory of Alchemy;
How you can apply the theory to your personal life and business--and profit

THE SUMMARY
The world has changed enormously in the last few years, and nowhere quite so dramatically as in economics and business. "Alchemy," a dynamic new view at odds with classical economics, best describes our advanced economy now. Here's the difference: While a traditional economist looks for better ways to slice up the same old pie, an Alchemist concentrates on baking a new pie that's big enough for all to share. In other words, an Alchemist creates wealth; an economist merely moves it around.
In this summary, you'll see that the Alchemic world isn't just a promising model, a hypothetical theory, or an abstract dream. It is, in fact, the world in which we live.

THE THEORY OF ALCHEMY
     Since World War II, the Western world's wealth has continued to expand at an unprecedented rate. Because economic theory holds that a nation's wealth is based on its use and distribution of scarce resources, economists are baffled. The sustained expansion enjoyed by the U.S. economy throughout the 1980s, for example, can't be explained by any traditional economic theory predicated on the concept of a scarce supply of resources. So what's happening?

The Alchemic World
     While it seems unbelievable, ours is a world of unlimited resources, one of unlimited wealth. In the Alchemic world, as in the economic world, a society's wealth is still a function of its physical resources. Now, however, both the definition and the supply of those resources are almost exclusively controlled by technology.
     This new economy can cause confusion. For instance, in 1981 the U.S. Congress passed the Economic Recovery Tax Act (ERTA), which lowered individual income tax rates and provided tax incentives to businesses purchasing new equipment. Economists warned that the policy would lead to an economic collapse. But that didn't happen: The gross national product continued to
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