Post-scarcity is an economy where the things that people need and value can be provided without labor. This implies that material inputs are also abundant possibly due to a circular economy whereby all things are reused and recycled. A post-scarcity economy has several implications:
WealthPeople wouldn't need to store wealth for retirement. It is possible that property rights would be irreverent and/or non-existent.
LaborHuman labor might be redirected into education, artistic pursuits or to game-based competition such as sport and video games.
EnvironmentPost-scarcity implies that environmental problems are resolved as the environment is a scare resource. It is possible that a post-scarcity society would choose to build vast nature reserves.
Space Post-scarcity could potentially enable or result from exploration and colonization of space on a vast scale.
Wants & NeedsPost-scarcity could occur due to a change in the things that people value. Current ideas about possessions might seem absurd to people in a post-scarcity society.
Virtual EnvironmentsPost-scarcity could occur if many of the things that people value are in virtual worlds where they can be replicated without constraints. For example, physical property on a popular beach will always be constrained but virtual property on a popular virtual beach can be replicated to meet demand.Next: Fourth Industrial Revolution
This is the complete list of articles we have written about future economics.
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An overview of the Fourth Industrial Revolution.
The definition of economic change with examples.
The definition of progress with examples.
The definition of abundance with examples.
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