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The Price of Tomorrow

Why Deflation Is the Key to an Abundant Future

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The Price of Tomorrow

Written by: Jeff Booth
Narrated by: Brian Troxell
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About this listen

We live in an extraordinary time. Technological advances are happening at a rate faster than our ability to understand them, and in a world that moves faster than we can imagine, we cannot afford to stand still. These advances bring efficiency and abundance - and they are profoundly deflationary.

Our economic systems were built for a pre-technology era when labor and capital were inextricably linked - an era that counted on growth and inflation and an era where we made money from inefficiency. That era is over, but we keep on pretending that those economic systems still work.

The only thing driving growth in the world today is easy credit, which is being created at a pace that is hard to comprehend and with it, debt that we will never be able to pay back. As we try to artificially drive an economic system built for the past, we are creating more than just economic trouble.

On our current path, our world will become profoundly more polarized and unsafe. We need to build a new framework for our local and global economies, and soon, we need to accept deflation and embrace the abundance it can bring. Otherwise, the same technology that has the power to bring abundance to us and our world will instead destroy it.

In this extraordinary contrarian book, Jeff Booth, a leading mind and CEO in e-commerce and technology for 20 years, details the technological and economic realities shaping our present and our future, and the choices we face as we go forward - a potentially alarming, but deeply hopeful situation.

©2019 Stanley Press (P)2020 Stanley Press
Economics Technology Business Inspiring Capitalism Thought-Provoking Commerce Deflation Taxation Austrian Economics
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Well researched and presented. Required listening for all trying to figure out our changing world from an economic and technological perspective.

Excellent.

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Jeff gets us to consider the deflationary effects of accelerating technology on our world. There are many implications which our current system is unprepared for. The economic and social impact is inevitable and how we choose to respond as a society can lead to a future of abundance (if we let it). Alternatively, it could lead down a road of pain and conflict unless we can fully understand and address the risks. A paradigm shift is required and Jeff urges us to get the conversation going before it’s too late.

Timely. Accessible. Succinct.

Thanks Jeff!

Important Read for everyone.

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If you fear and worry about what tomorrow’s world may look like. Jeff brings an interesting theory about deflation and how the digital world may bring lower prices to the world but the trade off could be at the expense of jobs.

Mind altering

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This is an excellent book. It looks at various effects of how our economy works (or doesn’t), but find a brilliant way to incorporate all these elements together in relation, while raising great questions that make us think.
Great work!

Great book!

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The book illustrates how we've all fallen prey to loss aversion bias - the concept popularized by Tversky & Kahneman. We can't accept nominal losses when the economy contracts so we collectively devalue currency to mask what's really happening. When the economy expands, we're all too happy to see our incomes rise so we don't intervene in a reciprocating manner. Over time, this leads to metal coins being worth less than the value they represent. Where did the Canadian penny go? It's just a matter of time before the nickle and the dime suffer the same fate.

The way Booth describes inflation shows us the absurdity of trying to capture inflation data and distil it into a single number. It's about as useful as stating "The average weather in Canada this month is 9°C". That doesn't give anyone actionable information. Should I put a coat on or not? A station reports 28°C while another says -2°C. Some measurements are subject to hedonic quality adjustments while others aren't e.g., Winnipeg, Manitoba reports a high of 37°C today, but we'll scale that back to 36°C because it'll make swimming pools more appealing. What if I can't afford the swimming pool or react negatively to chlorine? Do I get the discounted 36°C or am I stuck with 37°C?

Eye Opener

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