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And underlying this premise has been another, even more profound, assumption—one supposedly so obvious that it is rarely mentioned: namely, that the entire world contains a limited amount of these physical resources.

This means, from an economic point of view, that life is what the mathematicians call a zero-sum game. Over the centuries, this view of the world has been responsible for innumerable wars, revolutions, political movements, government policies, business strategies, and possibly a religion or two.

Whether or not we ever did, today we do not live in a resource-scarce environment. That may seem hard to believe, but the businessperson and the politician—as well as the butcher, the baker, and the candlestick maker—who continue to behave as if they were operating in the old zero-sum world will soon find themselves eclipsed by those who recognize the new realities and react accordingly.

What are these new realities? To put it simply, we live today in a world of effectively unlimited resources—a world of unlimited wealth. In short, we live in what one might call a new Alchemic world. The ancient alchemists sought to discover the secret of turning base metals into gold; they tried to create great value where little existed before. But an analysis of their writings shows that they were on a spiritual as well as a monetary quest.

Yet, through their attempts to make gold, they laid the foundation for modern science, which today has accomplished exactly what the alchemists hoped to achieve: the ability to create great value where little existed before. We have achieved this ability through the most common, the most powerful, and the most consistently underestimated force in our lives today—technology.

A boy this time. I was unimpressed. Listen to me! He barely speaks English. Go to Wharton next year. Study hard. My father was a religious man. He firmly believed in a true and just God who had a reason for everything. His philosophy was perhaps best summed up in the Kaddish, the Hebrew prayer for the dead—the prayer that, as the son of a religious Jew, I recited every morning for a year following his death in The Kaddish is recited in Aramaic, the spoken language of the Jewish people in ancient times; it was originally written in Aramaic so that every member of the community would understand it.

Yet even more significant than the fact that the Hebrew prayer for the dead is not recited in Hebrew is the fact that this prayer for the dead contains no mention whatsoever of death.

At Wharton, it seemed to me that the science of economics had advanced only to where the science of medicine was at the beginning of the 19th century. Before we discovered the underlying theories that explained bacterial infections, and thus inoculations and antibiotics, we knew from experience what few medicines and treatments worked—applications. However, without an underlying theory explaining why, we were unable to learn and grow from our experiences, and, more significantly, only a select few could afford what little medical care existed.

Similarly, my professors were able to teach me what worked—in applications courses such as marketing, finance, and management—but were unable to teach me why—in theoretical courses such as micro- and macroeconomics. Buy Now.

Sign up for Paul's blog! Pilzer Delivers Keynote University Spee Once upon a time, it may even have been true. But not anymore.

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The New Wellness Revolution, Second Edition includes more guidance and business advice for entrepreneurs, product distributors, physicians, and other wellness professionals. Sold by: Amazon. The New Health Insurance Solution is the definitive guide to the new ways every American can now get affordable health care—without an employer. Skip to main content Paul Zane Pilzer. Something went wrong. Please try your request again later. Paul Zane Pilzer is an economist, social entrepreneur, professor, public servant, and the New York Times bestselling author of 11 books and dozens of scholarly publications.



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