Prosperity Essential to Survival
June 27th 2009 01:41
It seems that people do not fully appreciate the importance of having a high Gross Domestic Product. A country that produces $20,000 per person is not better off just because they are able to use their fancy IPods or have larger homes. Instead, the greater importance lies in the fact that people can expect to live longer and not have to watch their children die. I offer a crude illustration of this point:
While the size of one's house is a preference, the desires to live long and see one's children live long are universal. This chart helps to explain why economic growth has always been the key to improving the health of a population's life.
While the size of one's house is a preference, the desires to live long and see one's children live long are universal. This chart helps to explain why economic growth has always been the key to improving the health of a population's life.
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