Global Economy Ahead; Collapse or Expansion

My opinion about the global economy is that it will change rather than collapse. A philosophical paradigm for economics would be a better criterion for speculating about global economics for me since I am not an economist.

A Petri dish with a growth medium given bacteria tends to grow its economy of being until it consumes all the resources before collapse. Some politicians have more intelligence than some bacteria so one might expect them to have a political economic management style that is more thoughtful of the limits to certain kinds of growth.

For human economics there are extraneous factors that affect policy and practice not within the political control of a sovereign nation. That might be foreign invasion or foreign dumping of product, collapse of foreign sourced materials, competition and so forth. In a global economy there are several economic regulatory agencies with varying degrees of efficiency or lack of. That was a fundamental point I wanted to make concerning management of global economics through regulation rather than exhaustion of resources; regulation that is counterproductive, countercyclical or ineffective may be a cause or stimulus for economic well-being or failure. If regulations lead to economic collapse then reform of economic regulation follows. And if economics falter under the existing state of regulation then the regulations tend to be modified.

Economic cycles have certain courses that occur in relation to growth. Thomas Piketty wrote about the history of those in the well worth reading book Capital in the Twenty First Century. Sometimes economic managers aren’t aware of historical economic relationships perhaps and work against them, as if one was trying to build a sand castle near the water’s edge on an incoming rather than an outgoing tide.

Sometimes economic managers of regulation need to look ahead, such as building a moon base for advanced materials and technical research and support for commercial activity, yet the future isn’t a panacea for present deficiencies in economic method- only a vector of opportunity.

https://www.bbc.com/news/science-environment-47638586