Economic alchemy

Paul Zane Pilzer coined the term 'Economic Alchemy' to describe a new paradigm of economics wherein resources are seen as unlimited, and the most powerful means of ecomonic expansion and human advancement are seen as a function of the development, implementation and distribution of new technologies.

The Six Laws of Economic Alchemy--

1. By enabling us to make productive use of particular raw materials, technology determines what constitutes a physical resource

2. Technology determines our supply of existing physical resources by determining both the efficiency with which we use resources and our ability to find, obtain, distribute, and store them.

3. The rate at which a society's technology advances is determined by the relative level of its ability to process information.

4. By providing us with new products and processes that change the way in which we live, technology determines what constitutes a need, and hence the nature of consumer demand.

5. Technology determines the level of consumer demand by determining the price at which goods can be sold

6. The immediate economic potential for an individual, an industry, or a society can be explained by examining the technology gap, the best practices possible with current knowledge, and the practices in actual use.