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The "Old" and the "New" Economics



Postulated by the "old" economics:

1. Resources are scarce.
2. Improvement occurs through capitalist accumulation.
3. Accomplished through parsimony.
4. Resulting in the *division of labor.*

Postulated by the "new" economics:

1. Resources are abundant.
2. Improvement occurs through entrepreneurial initiative.
3. Facilitated by credit.
4. Resulting in the *displacement of labor.*

william_b_ryan@xxxxxxxxxxx


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