The Sovereign Individual: Mastering the Transition to the Information Age by James Dale Davidson & Lord William Rees-Mogg

Author:James Dale Davidson & Lord William Rees-Mogg [Davidson, James Dale & Rees-Mogg, Lord William]
Language: eng
Format: epub
Publisher: Touchstone
Published: 2020-02-03T23:00:00+00:00

I. Inflation had another lure during the industrial period when prices and wages were downwardly inflexible. Modest inflation increased output by reducing real wages and prices.

CHAPTER 8 THE END OF EGALITARIAN ECONOMICS

The Revolution in Earnings Capacity in a World Without Jobs

“God is not mocked: for whatsoever a man soweth, that shall he also reap.”

—GALATIANS 6:7

Great changes in the dominant forms of production or defense change the structure of society, and the proportion of wealth and power of different groups. The Information Age means more than just a growing use of powerful computers. It means a revolution in lifestyles, institutions, and the distribution of resources. Because the role of covert violence in controlling resources will be sharply diminished, a new configuration of wealth will develop, without the coercive mediation by government that characterized the twentieth century. Because location will mean much less in the Information Society, there will be a diminished role in the future for all organizations that operate within rather than beyond geographic boundaries. Politicians, labor unions, regulated professions, lobbyists, and governments per se will be less important. Because favors and restraints of trade wrested from governments will be less valuable, fewer resources will be wasted either to promote or resist lobbying.

Those who have employed compulsion and local advantage to redistribute income are destined to lose much of their power. This will alter the command of resources. Privately generated wealth that heretofore has been commandeered by the nation-state will be retained instead by those who earn it. Increasing amounts of wealth will find their way into the hands of the ablest entrepreneurs and venture capitalists worldwide. Globalization, along with other characteristics of the information economy, will tend to increase the income earned by the most talented individuals in each field. Because the marginal value generated by superlative performance will be so huge, the distribution of earnings capacity throughout the entire global economy will take much the shape it does now in the performance professions like athletics and opera.

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