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Book Summary: Unlimited Wealth – Theory and Practice of Economic Alchemy by Paul Zane Pilzer
The fundamentals of economics are supply, demand and scarcity. Economics best describes how to divide these scarce resources among a growing population. Paul Pilzer takes a very different approach to economics. He believes in unlimited wealth and shows examples of why technology and human ingenuity are the keys to unlocking that wealth.
Why is it important to me?
I’m not doing this summary to waste time. My vision is to provide concise action steps you can take right now to improve your financial life. Paul Pilzer writes about creating unlimited wealth. His twist is that alchemy is the creation of wealth while economics is simply the method of moving it.
I’m really intrigued by the concept of unlimited wealth creation. If you look at human progress in free societies, the real difference has been in creation. Goods and resources are indeed finite, but the way we use them is limitless. The ideas are limitless. An acre of land today produces far more food than an acre did a generation ago.
Unlimited Wealth covers several important topics. Regarding time, I will review the salient points outlined by Pau.
1. Supply Side Alchemy – The Wealth Equation: W=PT^n – This equation means – W (Wealth) = P (Physical Resources) x T (Technology) to the nth power where n are the effects of technological advances. The expansion of physical resources depends on technological advances. The offer part Alchemy consists of three laws. The key to this equation is what Paul calls the third law of alchemy: the rate at which a society’s technology advances is determined by the relative level of its ability to process information. Let’s see how society has progressed from the third law of Alchemy. Humans discovered how to write, then the printing press was created, then the computer was created, and the average consumer bought it. Now we have the internet, social networks, search engines and everything else to share knowledge. The speed of information exchange is exponential, so our level of wealth is also exponential.
2. Demand Side Alchemy – Demand Side Alchemy consists of the fourth and fifth laws. The Fourth Law states: By providing us with new products and processes that change the way we live, technology determines what constitutes a need and thus the nature of consumer demand. Simply put, demand can be created by creating and innovating new products. Apple is on track to become the first company to reach a trillion dollar valuation. All their products were created first and then the demand came.
3. Sixth Law of Alchemy – The immediate economic potential for an individual, industry, or society can be explained by examining the technology gap, best practices possible with current knowledge, and practices in actual use. This is important today because China and India are far ahead of the US in science and math. Technology strives for science and math, and societies that adapt faster will create wealth faster. This is where the balance of power can shift over time.
Unlimited Wealth is certainly a controversial study based on mainstream economic theory. Being in the technology field, I agree with Paul that unlimited wealth can be created through technology and innovation. Products are being created for which there is no market right now. Some of these products will fall while others will explode. Check out Facebook. This company came out of nowhere and is now valued at over $50 billion.
I hope you found this brief summary useful. The key to any new idea is to incorporate it into your daily routine until it becomes a habit. Habits are formed in just 21 days. One thing you can take away from this book is that scarcity is a negative mindset. I say this because if you believe in unlimited wealth creation, ideas will flourish.
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