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from Part III - The Period after the 1970s
Published online by Cambridge University Press: 07 December 2023
Recent years have witnessed other significant changes. For example, cash is used less and less while good manners seem to have increasingly characterized past behavior. Spending of individuals and families seem to come more and more in fixed amounts. The law of demand seems to play less of a role, while the overall budget has become more important. This means that tightening the belt can play less of a role when economic conditions worsen during recessions and inflations. The value of economic exchange now depends much more on the information contained in the exchange than on the value of the labor and material of what is exchanged. This may have implications for the welfare as distinguished from the economic value of the exchange. More recently the scarcity of rare materials and of difficult to produce inputs (such as micro transistors) may have become more important.
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