is the `New Economy' a fad?

Doug Henwood dhenwood at panix.com
Thu Jun 6 05:28:30 PDT 2002


Chuck Grimes wrote:


>No, it's a disease and needs to be exterminated. Here's what I mean:
>
>``...Some technological innovations change our lives but have no
>lasting effect on the economy as a whole. The revolution in
>illumination is a good example. In 1800, an American household spent
>4 per cent of its income on candles, lamps, oil, and matches. It now
>spends less than 1 per cent on lighting and consumes more than a
>hundred times as much artificial illumination. The real price of light
>fell by a thousand fold over the past two centuries, yet we do not
>speak of the "illumination revolution,"..''
>
>No we don't talk about the illumination revolution, that's true. We
>talk about the energy crisis, global warming, de-forestation, mass
>extinctions, and the potential collapse of human society in a
>devastated plantary eco-system. Duh...

So artificial light was a mistake?

Doug



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