Imagine flying from Los Angeles to Tokyo in just four hours, thanks to supersonic jets. Picture having the leisure time to enjoy more trips like this because artificial intelligence can help us finish a week’s work in one day. Visualize a world where our food comes from vertical farms built nearby, or where modern medicine adds years to our lives by slowing down aging. These possibilities seem promising, yet they remain largely untapped.
In their book, Abundance, authors Ezra Klein and Derek Thompson discuss how the U.S., the UK, and much of Europe are not fully embracing these advancements. They argue that we’re caught in a cycle of “chosen scarcities.” Rather than focusing on creating and innovating, we spend too much time on consumption and distribution disputes.
The book tackles these issues head-on, pinpointing a specific mindset that limits growth—the “Procedure Fetish,” a term adapted from Michigan law professor Nicholas Bagley. Klein and Thompson point out that although many politicians advocate for environmental solutions, they often block large solar projects due to complex permitting processes. Similarly, while housing is touted as a right, extensive zoning laws in progressive cities make building new homes incredibly challenging.
Beyond government regulations, there’s an issue with how America is investing in innovation. Funding for health and science has become stagnant and overly cautious. For example, the mRNA technology for COVID vaccines faced multiple rejections from health funders before eventually gaining traction.
Not only do we need innovation, but we need to improve its application for better productivity. Here, America is falling behind China, where the cost of solar panels has decreased dramatically due to advancements made during hands-on manufacturing processes.
Interestingly, Klein and Thompson overlook some recent U.S. policies designed to boost domestic manufacturing. These initiatives have focused not just on creating jobs but on fostering an environment where innovation can flourish through practical work and learning in factories.
There’s also a concern with the concentration of power in the U.S. defense sector, which presents hurdles for entrepreneurs trying to break into commercialization. The authors paint an optimistic picture of AI leading to less work without reducing pay. Yet, ongoing lawsuits indicate a struggle over power dynamics, with AI companies often holding more influence than the individuals whose knowledge contributes to their success.
While Klein and Thompson’s insights are valuable, they need to address government failures that allow power imbalances to distort our economy and politics. Their call to innovate is a refreshing change from decades of passive acceptance of flawed market behaviors. However, for their vision to truly succeed, a more balanced approach is necessary.
They do highlight the decline of our current political systems, which may clear the way for something new. Although their ideas spark optimism, the potential for darker outcomes looms, making the path ahead uncertain.
Abundance: How We Build a Better Future by Ezra Klein and Derek Thompson is available in various formats.
Check out this related article: How Trump’s Tariff Strategy Could Impact His Future: Short-Term Gains vs. Long-Term Consequences
Source link