Comments on the Article Written by Vivek Wadhwa of Stanford

Posted by: on Nov 2, 2015 | No Comments

I like the article written by Vivek Wadhwa of Stanford, which you can read by clicking here.

  1. Has my last name

  2. I agree substantially and significantly

  3. I was always predicting and, so were many libertarians, that long before world ran out of oil (in fact would not-but that is another story)-the world would learn to do without oil, just like whale oil and wood were replaced by coal, kerosene oil and electricity. So would oil be replaced?

  4. Ayn Rand was talking of oil from shale sands half a century ago.

  5. No one knows for sure what would replace what, but, for sure the world would become energy abundant with costs dipping-the world runs out of nothing-not oil, nor anything else.

  6. Not only not run out of anything but everything after adjusting for inflation gets cheaper in terms of human labour.

  7. Only thing which gets more expensive is human labour-most Indians shall eventually be like their western counterparts-unable to afford servants, drivers, gardeners and security guards.

  8. The future for most shall be better bit by bit.

  9. The only entity which can show this process (as is already happening) is the govt. They will not get out of the way, shall regulate, try to save jobs, interfere, tax too much and thus significantly cause wealth of nations to build much much slower than it otherwise would. But even governments may not be able to stop the inexorable rise of man to eventually so much riches that times now would look like what the past centuries looks to us-poor, impoverished, nasty and Stone Age existence.

  10. Labour saving merely means people would do more interesting things-it never did and never will mean that humans would not have jobs. As electricity, oil, and computers removed drudgery of existence so would the coming age replace uninteresting work and labour with more interesting and more satisfying jobs.

  11. The work time shall become more valuable in terms of productivity and output and the generations to come will in general continue to improve their lives decade after decade with no end ever in sight.

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