Post-Scarcity Economy

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"The phrase post-scarcity economy was coined in the 1950s by economist Louis Kelso, but it could have been envisioned any time after the Industrial Revolution. The idea is that automation drives down the price of all goods to effectively zero, money becomes meaningless, and the entire population goes on perpetual vacation." (


Kelso Institute:


"The basic moral problem that faces man as he moves into the age of automation, the age of accelerating conquest of nature, is whether he is really fit to live in an industrial society; whether his institutions will adjust rapidly enough; whether he will rivet himself with an absurd institution like full employment in the economic order when it is not only unnecessary but unadministratable in anything but a slave society; whether freed from the necessity to devote his brain and brawn to the production of goods and services, he can address himself to the work of civilization itself. (Louis O. Kelso, 1964)"



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