Description

"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." (http://wills-nanotech.blogspot.com/2005/11/post-scarcity-economy.html)