Welfare theorems, growth accounting, cost benefit analysis, and public economics each lose their foundation when the dominant inputs into production are self replicating, self improving, and essentially costless, because each tool is defined relative to finite inputs.
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Each of these analytical tools loses its foundation when the dominant inputs into production are self-replicating, self-improving, and essentially costless.
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Wulf A. Kaal, The Collapse of Scarcity Economics (2026), III.B. The Production-Possibility Frontier Approaches Infinity, p. 14 https://ssrn.com/abstract=6421319 · source PDF
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Wulf A. Kaal, The Collapse of Scarcity Economics (2026). SSRN: https://ssrn.com/abstract=6421319
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