ECONOMICS: A Look at 2049

The world is so full of a number of things,

I'm sure we should all be as happy as kings.

The professors of the "dismal science" have always scotched this sunny Stevenson couplet. To such economists as Thomas Robert Malthus and John Stuart Mill in the 19th Century and John Maynard Keynes in the 20th, the world did not seem so full. Any economic system, said the Mill school, would either become static or it would fail to provide for its own. Lesser Cassandras, including New Dealers, have foretold the depletion of...

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