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"We are now in a dynamic system compared with the static system of history. The controls of the static age, namely the price system of production, are opposed to the controls which must govern the dynamic age of Technology. Under the price system the accumulation of wealth means the accumulation of debt certificates—wealth proceeds by the creation of debt. The present total accumulation of public, private and corporate debt in the U. S. amounts to $200,000,000,000, or expressed in another way, claims against the producing machinery of the U. S. have doubled since 1912.
"For the Technologist, wealth has a far different definition. It is the conversion of energy into products and services. The more we consume, the wealthier we are."
Unless the world heeds their charts. Technocrat Scott argues that, as man depends more & more on the industrial system, every future depression will be worse than its predecessor.
*Not to be confused with Westinghouse's Howard Scott.