"For centuries, the ivory towers of academia have echoed this
sentiment of multitudinous ends and limited means. In this
supremely contrarian book, Tupy and Pooley overturn the tables in
the temple of conventional thinking. They deploy rigorous and
original data and analysis to proclaim a gospel of abundance.
Economics--and ultimately, politics--will be enduringly
transformed." --George Gilder, author of Life after Google: The
Fall of Big Data and the Rise of the Blockchain Economy Generations
of people have been taught that population growth makes resources
scarcer. In 2021, for example, one widely publicized report argued,
"The world's rapidly growing population is consuming the planet's
natural resources at an alarming rate . . . the world currently
needs 1.6 Earths to satisfy the demand for natural resources . . .
[a figure that] could rise to 2 planets by 2030." But is that true?
After analyzing the prices of hundreds of commodities, goods, and
services spanning two centuries, Marian Tupy and Gale Pooley found
that resources became more abundant as the population grew. That
was especially true when they looked at "time prices," which
represent the length of time that people must work to buy
something. To their surprise, the authors also found that resource
abundance increased faster than the population--a relationship that
they call "superabundance." On average, every additional human
being created more value than he or she consumed. This relationship
between population growth and abundance is deeply counterintuitive,
yet it is true. Why? More people produce more ideas, which lead to
more inventions. People then test those inventions in the
marketplace to separate the useful from the useless. At the end of
that process of discovery, people are left with innovations that
overcome shortages, spur economic growth, and raise standards of
living. But large populations are not enough to sustain
superabundance--just think of the poverty in China and India before
their respective economic reforms. To innovate, people must be
allowed to think, speak, publish, associate, and disagree. They
must be allowed to save, invest, trade, and profit. In a word, they
must be free.
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