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Plan of restraint on production of goods required

Published 31/08/2015

Throughout history, supply has always chased demand, creating a necessity to always produce more, to "grow" economies further.

In the 21st century, however, conditions are reversed; supply always exceeds demand, eliminating the need for growth and creating chaos in production and markets.

China is a prime example of this: with modern technology, the country can produce more of the consumer goods that it specialises in than the world can actually consume.

In such a situation, growth as we know it is impossible.

We need planned restraint on the production of goods and services, which is contrary to all historic economic thinking but the only way to deal with the unprecedented ability to overproduce which technology has bestowed on us.

I think it should be something similar to the milk quota, which was foolishly abandoned and the lack of which is already creating chaotic oversupply and collapse of prices.

But we must restrain over-production, which together with work elimination are realities of modern technology.

They are here to stay and if we refuse to recognise or adapt, world economics will enter an extremely difficult phase.

This could put coherent society and civilisation itself in great jeopardy.

Padraic Neary

Co Sligo

Belfast Telegraph

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