rereading The Mind of The Market and i’m still In awe by this mental picture
It took 97,000 years for world income (measured in 2005 numbers to rise from $100–$150 per year
2750 years from $150–$200
250 years from $200–$6,600 per person (todays level)
But, what if someone counters this by saying that we have simply become more efficient at printing paper money or that increases in wealth are available to less of the population as a percentage of the population. Do you think mental tools like those above are a good way to sell free markets?
The numbers seem to show that markets can grow at exponential rates. Just look at the time for how long it took before the Industrial Revolution to reach technological achievements, and from that point forward. We’ve acheived more and provided for more people in the past 100-200 years than the entire timeline before that put together (from what it seems). Newer and better technology help with more, faster, and cheaper production which in turn produces more consumer goods.
The other day I saw a laptop for just over $500 that had more GB’s than my external hard drive and computer combined (laptop was either 320-380 GB, my external is 280 and my computer is 30). I got this computer probably no more than 4 years ago, and it’s already outdated by something cheaper, faster, better, and smaller for nearly half the price! A teenager working a minimum wage job can afford a brand new laptop within a month. How are you going to argue with that?