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Explains how we live in a world of unlimited physical resources because of rapidly advancing technology.
"Unlimited Wealth: Paul Pilzer Tells Where to Find the New Prosperity," by Duncan Maxwell Anderson, Success Magazine, October 1993.
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Redefine 'recession'? |
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page 8 of 10 Author Paul Zane Pilzer wonders whether the word "recession" best describes the changing economic conditions of 1991 (and beyond). "What we're seeing," he told Soundview in an interview, "is rapid technological change causing displacement." New technology lets us do things cheaper, faster, and better--but GNP may fall and people may lose their jobs in the process. "GM now makes a car called the GEO," Pilzer said, "a $9,000 car. That car three years ago was worth $15,000. To an economist, that's $6,000 less in GNP. To an Alchemist, it's an opportunity to sell $6,000 in new goods and services." Our definitions of GNP and recession (two successive quarters of negative growth in GNP) may thus be outdated. "One of the largest factors in our GNP is the value of all the homes in America times the rental factor. Now what just happened to all the homes in America? Their prices declined 20 percent. That caused a massive decline in GNP. |
"Is everybody
worse off because of it? Of course not. It's simply a
transfer of wealth from the seller to the buyer. So the definition
of a recession, and the definition of GNP, are based on a static
economic environment." Pilzer also points out that while some may think the economy stinks, others are doing just fine: "What about the man who owns a vinyl record plant? What does he think the economy is doing today? More people are buying CDs than vinyl records. Yet for the music industry it's a net wash, and the CD manufacturer thinks business is unbelievable." Pilzer, while deploring the plight of displaced workers, is no romantic. He believes they could be retrained sooner and back in another job if society weren't so resistant to change. "We're taught to be nostalgic, to look back to the good old days. Instead we have to say, 'This is great!' How do we embrace change and ride with it, not fight it?" prev next | ||||||
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