The Hockey Stick of Human Prosperity
Marginal Revolution University・2 minutes read
The hockey stick of human prosperity marks a significant growth in prosperity over centuries, with life expectancy increasing and child mortality rates decreasing. Adam Smith's book explains the transition from poverty to mass prosperity, focusing on trade as a key factor in enhancing wealth.
Insights
- The growth in prosperity over centuries, known as the hockey stick of human prosperity, has led to a significant increase in life expectancy and a drastic reduction in child mortality rates, marking a transformative shift in human history towards improved well-being.
- Adam Smith's seminal work, "An Inquiry into the Nature and Causes of The Wealth of Nations," published in 1776, delves into the transition from poverty to mass prosperity, emphasizing the crucial role of trade in enhancing wealth and laying the foundation for the field of economics to explore the causes of prosperity.
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Recent questions
What is the hockey stick of human prosperity?
A significant event in human history.
How has modern industrial society impacted wealth?
Brought immense wealth compared to ancestors.
What was the aim of Adam Smith's book?
To explain transition from poverty to mass prosperity.
What does the field of economics focus on?
Causes of prosperity, with emphasis on trade.
How has life expectancy changed over time?
Increased from around thirty years to about eighty years.
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Summary
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"The Hockey Stick of Human Prosperity"
- The growth in prosperity over the last few centuries is a significant event in human history, known as the hockey stick of human prosperity. Life expectancy has increased from around thirty years before the Industrial Revolution to about eighty years in the United States today, with child mortality rates significantly reduced.
- Modern industrial society has brought immense wealth compared to our ancestors, who made many of the things they consumed from scratch. Today, individuals typically specialize in one job, while consuming a wide variety of products that require multiple jobs to produce.
- Adam Smith's book, "An Inquiry into the Nature and Causes of The Wealth of Nations," published in 1776, aimed to explain the transition from poverty to mass prosperity. The field of economics explores the causes of prosperity, with a focus on trade and its role in enhancing wealth.
