1. In the beginning: Income and wealth
We were all miserably poor…forever
Stone Age apx. 500,000 years ago: human had almost no advance at all for over 490,000 years. It was not until recently that living standards (wealth per capita) changed rapidly.
*What events gave rise to our modern world?
The Industrial Revolution:
A. Income, population, and health trades over time
B. How was property been shared?
C. Broader and deeper measure of property, and look within recent history
D. What was the simple good life really like?
E. How did this happen?
F. Can we do it again?
*The change of rate of GDP can reflect the big change of condition of people’s life
*Rules of 72:
72/1%, 72/2%，72/3% huge differences, although numbers are small
2. Population problem (the skyrocketing of population after IR): the more people, the poorer?
*To analyze whether we got poorer, we need to find out how to be rich. There are only three ways to make people rich:
i. Produce more yourself. People find ways to produce, then they don’t make other poor by increasing population
ii. More people, more trade. Specialization. Trading with others. (comparative advantage)
iii. Have your family take care of you.
Thus people get rich and don’t make others poor.
3. Singularities:
i. Agricultural revolution
ii. Industrial revolution
iii. A POSSIBLE SINGULARITIES in the future
It took thousands of years to double the GDP, but Industrial revolution changed a lot, now 15 years.
Could it happen again? Is that possible?
Only 15% product we consume today is produced
*How much population can earth hold?
A trillion: space
Little people cannot produce the same amount of products as larger population does (Who’ll the product be sold to?)
*The growth of GDP doesn’t mean people are richer, maybe the growth is due to the increase of population.
Extensive growth: the growth of GDP just due to the raise of input
Intensive growth: the growth of GDP just due to the raise of input
*Population is the measure of success of species
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