BOOK REVIEW: The Price of Tomorrow
by Jeff Booth Published in 2020
First Impression Versus Lasting Impression: The book, on the cover, appears to deal with the cost (or price) of future technological development. However, the book title is a clever play on words; it actually assumes the tremendous benefits of rapid technological development, then argues that our economic system needs to radically change to adapt.
The Book in a Word: Paradigm shift (ok, that’s two words).
Summary: The book discusses how AI will rapidly increase productivity but displace many along the way (however there’s still a rapid net benefit to society). Our inflationary monetary system dynamics have provided the right framework for growth and benefit to society, however, we have reached a breaking point, where the system needs to change.
What I Liked the Most: was the cogent broad overview of trends and the explanations of why our economic system no longer works well. It provides an insightful mental framework to understand the seeming chaos of our economies and politics.
What I liked the least: was the lack of description (or projection) of how the world would function if we let deflation run its course. It’s really hard to imagine a world where governments didn’t control currencies and economies, so it would be helpful to hypothetically imagine details of how such systems would function.
Recommended for: those who want to understand the interplay between technological advancement and the economy. This would also be fascinating for macro-economic enthusiasts, because it sheds light on the forces of inflation and deflation clashing in ever-increasing volumes and proposes a radical solution.
Not Recommended for: those who aren’t interested in economics and technology.
Faith-finances.com Website Categories Covered: Personal Finance, Investing
Reading Level: Basic … Intermediate to Advanced … Scholarly.
Interesting Concept: Allowing continuous deflation as a key step in advancing society.
Great Quotes: p. 2 “Our economic system was not built for a world driven by technology where prices keep falling. They were built for a pre-technology era … an era where we made money from scarcity and inefficiency.” p. 15 “We are starting to play a whole new game, one where many rules are the opposite of what we are used to.” p. 101 “The effects of deflation from technology cannot be outrun by piling on ever more debt in a hopeless effort to keep economies thriving and drive more jobs.” p. 198 “[UBI] does not deal with the root cause. Deflation is being caused by technology … it will ride the same exponential wave that technology does.”
Spiritual Content: A little dealing with human nature reacting to incentives, but not much.
Book Citation: Booth, Jeff. The Price of Tomorrow: Why deflation is the key to an abundant future. Stanley Press, 2020. United States: Timestamp Press, 2023. The Faith and Finances Ministry is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program where it earns fees when readers purchase this product through the Amazon.com link provided.
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