ECON 103 Study Guide - Final Guide: Doghouse, Diminishing Returns, Rational Ignorance
2 Dec 2016
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Far richer than all of humanity prior to now. Typical person in the beginning of history lived on 3 dollars per day. Today, the average income today is around a day. 30 times richer than typical person in the industrial age. Wealth explosion or industrial revolution or great enrichment. Life expectancy prior industrial revolution was 49 years after first birthday post birth. Life expectancy today in america is 80 and still growing. Pencil has ingredients from almost 39 different countries. Infinite number of ways to arrange things; arrange them in a way that humans want to consume. With so many resources, humanity struggles to find ways to use them. Theory of spike (personal), with infinite number of resources, as successes are made, it allows for avenues of continued trials of different arrangements to produce better results. Success of humanity is a long process of trial and error.
