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During my Ph.D., I contemplated writing a research papery on “Space Economy” - a time when we'd have limitless resources from space exploration, master nuclear fusion, mine asteroids, and have AI and Robots doing most of the work.
Back then, I was reading numerous economic papers, most of which were rooted in neo-classical equilibrium models. And these models are largely based on the premise that physical and human capital are subject to diminishing returns and that resources and energy are scarce.
However, in a future with limitless energy and where robots and AI do most of the work (which don’t abide by the law of diminishing productivity), our economic models will require a significant revision.
And it's fascinating to think about how this future "Space Economy" might differ from our current "Earth Economy," and what new economic theories we'd need to explain it.