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The Hockey Stick of Human Prosperity

Marginal Revolution University
387K subscribers
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351K views 10 years ago
In this series, Professor Don Boudreaux explores the question economists have been asking since the era of Adam Smith -- what creates wealth? On a timeline of human history, the recent rise in standards of living resembles a hockey stick -- flatlining for all of human history and then skyrocketing in just the last few centuries. Without specialization and trade, our ancient ancestors only consumed what they could make themselves. How can specialization and trade help explain the astonishing growth of productivity and output in such a short amount of time—after millennia of famine, low life expectancy, and incurable disease? What topic should we do next? http://bit.ly/1QWdvOn Next video: http://bit.ly/1Qum40J Help us caption & translate this video! http://amara.org/v/Elbp/ ...more
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The Hockey Stick of Human Prosperity
1.9KLikes
351,942Views
2014Jun 24
In this series, Professor Don Boudreaux explores the question economists have been asking since the era of Adam Smith -- what creates wealth? On a timeline of human history, the recent rise in standards of living resembles a hockey stick -- flatlining for all of human history and then skyrocketing in just the last few centuries. Without specialization and trade, our ancient ancestors only consumed what they could make themselves. How can specialization and trade help explain the astonishing growth of productivity and output in such a short amount of time—after millennia of famine, low life expectancy, and incurable disease? What topic should we do next? http://bit.ly/1QWdvOn Next video: http://bit.ly/1Qum40J Help us caption & translate this video! http://amara.org/v/Elbp/

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Marginal Revolution University

387K subscribers