Industrial Revolution: 1st quarter of 18th century to middle of 19th century
-Per capita income grew by 50%; rate of growth .05% per year
BUT in past 200 years, there has been 4000% total growth
Rule of 72: determines how long it will take something to double if it grows at a certain percentage
72 / (your number) = years it will take
How to get rich:
1) make more of what you sell; produce more stuff
2) Trade w/ others to make the product or trade for something else
3) Bequest (ex. mooch off your parents)
Slow Growth is NOT equal to No Growth
The two major events that changed the rate of stuff we were able to product was the agricultural revolution (when we stopped being hunter/gatherers) and the industrial revolution.
Extensive Growth: helps support the larger population
Intensive Growth: helps support yourself
There has been continual human progress; the increase of the population examples the success of a species. It is also important to dispel the notion that others get rich at other people's expense.
The rich are getting richer, and the poor are better off than ever.
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