Economic theory — and the future! — in 100 words

The typical consumer in the advanced countries of the world has all the goods that he or she has the time, energy and space for.

The industrial revolution only took place because a mighty wave of profits from the cotton industry initiated a chain of investments. Over all sectors, investments are now declining to a trickle.

The significant economic growth areas in the future are education and health care but prior investments cannot be rationally assessed beforehand. Expected profits are meaningless.

Only those countries with leading edge research into genetics will survive reasonably well until world population is much reduced.

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