Summary of Life after Capitalism By George Gilder:The Meaning of Wealth, the Future of the Economy, and the Time Theory of Money

By Willie M. Joseph

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This book does not in any capacity mean to replace the original book but to serve as a vast summary of the original book.

Summary of Life after Capitalism By George Gilder:The Meaning of Wealth, the Future of the Economy, and the Time Theory of Money

 

IN THIS SUMMARIZED BOOK, YOU WILL GET:

• Chapter astute outline of the main contents.
• Fast & simple understanding of the content analysis.
• Exceptionally summarized content that you may skip in the original book

 

George Gilder's Life after Capitalism is a paradigm-shifting classic that explains why economics is not an incentive system to be manipulated, but an information system to be freed. It argues that the clash of creativity with power at the heart of economic systems leads to global cognitive dissonance and that the creation of the novel taps capitalism's infinite promise and is humanity's only path of escape from stagnation and tyranny.

• Language: English
• Publisher: Willie M. Joseph
• Release date: May 31, 2023
• ISBN: 9798223416050

Willie M. Joseph

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The Theory

Life after Capitalism depicts the current economic era and launches a new economic theory. Capitalist markets have given way to emergency socialism, which suppresses the surprises of capitalist innovation in the name of assuring a determined future with assured allocations of scarce resources and guaranteed returns. The seeds of the new era were sown in 1971 when Richard Nixon and Milton Friedman unveiled emergency monetarism. The information theory of economics is providing the principles for a new economic revolution that is overturning the incentiverun mechanisms, materialist assumptions, scarce resources, and static demand-side models of Adam Smith and Karl Marx. It is based on four canonical propositions: wealth is knowledge, growth is learning, information is surprise, money is time, and time is the only money that politicians and their bankers cannot print or distort, counterfeit, or fake. Economics is a dance to the music of time, measured by disruption, disorder, economic growth, and surprise.

Life after Capitalism

The materialist superstition is the belief that scarce material things are what constitute wealth. This superstition has led to economics becoming the science of allocating scarce resources, and politics becoming the enforcement of these allocations. Adam Smith believed that if the needs of men were met, the system's motive force would fail. Today, capitalism's triumphs appear to be bringing about its most complete rejection, with capitalism's critics finding a new capitalist victim—the earth itself. The argument for governmentdirected economic sustainability has won the day, and sustainability is revered as the only way to escape ecological disaster.

According to a BBC poll, 56 percent of schoolchildren believe humanity is doomed due to its destruction of the planet. This book argues that capitalism has been at odds with its most fundamental reality, which is the abundance it brings forth. Adam Smith and his heirs made a fundamental observational-philosophical mistake by resting capitalist theory on the faulty foundation of materialist rewards and punishments, rather than on human ingenuity, creativity, and accumulating wisdom. The goal of this book is to undo that error and to reset economics upon its four foundational truths: wealth is knowledge, growth is learning, money is time, and information is surprise. We drove seven miles to a restaurant in Haleiwa and paid $147 for the service.

We traded our money for the knowledge of the restaurant owner, chefs, and waiter to produce appealing dishes at a profit. On our way, we passed an array of giant windmills generating electric power. The idea that petroleum is not a sustainable resource is a logical fallacy, as all forms of energy are essentially free. Atoms are abundant and free, and they are ruled by the physical and chemical laws governing the conservation of matter and energy. Adam Smith's Wealth of Nations attributed this wealth to the division of labor.

Gordon Moore's Law of microchips has been the most powerful driver of global economic growth over the last half century. Moore's Law is a phenomenon of learning related to a learning curve, which predicts that the costs of any good or service will drop by 20% to 30% with every doubling of total units sold. The learning curve is a measure of how much knowledge increases as workers and managers advance in experience and technical savvy. The semiconductor industry's learning curve was accelerated as it moved from processing matter through chemical reactions to manipulating matter from the inside through quantum physics. Money is a unit of account, a store of value, and a medium for transactions.

However, the world's central bankers and governments engage in a futile and perverse process of manipulating money in the name of creating wealth. In 2022, the global gross domestic product (GDP) surpassed an annual rate of $100 trillion, and silicon technology is the most important tool of that