Part 8/11:
Historically, during periods like World War II, nominal growth exceeded 20-30% annually during some years
Even in more recent years, US GDP growth has averaged around 5-6%, with exceptional years surpassing 10%
This suggests that fast nominal growth in the US economy is at least possible under the right technological and monetary policies, particularly with AI and AGI (Artificial General Intelligence) boosting productivity exponentially.
The Implication: A Paradigm Shift in Economics
The vision elaborates on a new economic paradigm where:
Labor as an input factor diminishes or vanishes, replaced by robots and AI
Asset and capital ownership become the primary drivers of wealth