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Int 17

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Gale Pooley
Gale Pooley

Int 17

Economy & Finance
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Lecture 17 - Global Economy ECON 360 International Economics
This universe is finite, its resources, finite
 if life is left unchecked, life will cease to exist. It needs correcting.
Society needs rescaling – we’ve got to reduce the size of the entire human enterprise.
The ultimate resource is people —especially skilled, spirited, and hopeful young people endowed with liberty—who will exert their wills and imaginations for their own benefits, and so inevitably they will benefit the rest of us as well.
Both Predicted a Relationship
Both Predicted a Relationship
Population Both Predicted a Relationship
Population Both Predicted a Relationship
Prices Population Both Predicted a Relationship
Prices Population Both Predicted a Relationship 0%
Prices Population Both Predicted a Relationship 0% Higher Scarcity
Prices Population Both Predicted a Relationship 0% Lower Abundance Higher Scarcity
Prices Population Both Predicted a Relationship Ehrlich 0% Lower Abundance Higher Scarcity
Prices Population Both Predicted a Relationship Ehrlich 0% Lower Abundance Higher Scarcity
Prices Population Both Predicted a Relationship Ehrlich Simon 0% Lower Abundance Higher Scarcity
Prices Population Both Predicted a Relationship Ehrlich Simon 0% Lower Abundance Higher Scarcity
Copper Chromium Nickel Tin Tungsten 1980 - 1990 Fell by 57.6 percent The Bet
Is Julian Simon still right?
SimonProject 50 Foundational Commodities
Three Prices
Nominal Price Three Prices
Nominal Price Real Price Three Prices
Nominal Price Real Price Three Prices Dollars and Cents
Nominal Price Real Price Three Prices Dollars and Cents Time Price
Nominal Price Real Price Three Prices Dollars and Cents Hours and Minutes Time Price
Things can get cheaper in two ways
The price can go down Things can get cheaper in two ways
The price can go down Things can get cheaper in two ways
The price can go down Things can get cheaper in two ways or
The price can go down Things can get cheaper in two ways Your hourly income can go up or
The price can go down Things can get cheaper in two ways Your hourly income can go up or
Data Sources
Data Sources
INTERNATIONAL MONETARY FUND Data Sources
INTERNATIONAL MONETARY FUND Data Sources
INTERNATIONAL MONETARY FUND Data Sources
Equations Real Price Nominal Price Ă· GDP Deflator Hourly Income Annual Income Ă· Annual Hours Worked Time Price Real Price Ă· Hourly Income
Time Price
Time Price Real Prices
Time Price Real Prices Ă·
Time Price Real Prices Hourly Income Ă·
Nominal Prices Time Price Real Prices Hourly Income Ă·
Nominal Prices Time Price Real Prices Hourly Income Ă·
INTERNATIONAL MONETARY FUND Nominal Prices Time Price Real Prices Hourly Income Ă·
INTERNATIONAL MONETARY FUND Nominal Prices Time Price Ă·Real Prices Hourly Income Ă·
INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă·Real Prices Hourly Income Ă·
INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă·Real Prices Hourly Income Ă·
INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă·Real Prices Hourly Income Ă·
INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă·Real Prices Hourly Income Ă·
INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă· Annual Income Real Prices Hourly Income Ă·
INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă· Annual Income Real Prices Hourly Income Ă·
INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă· Annual Income Ă· Real Prices Hourly Income Ă·
INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă· Annual Income Hours Worked Ă· Real Prices Hourly Income Ă·
INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă· Annual Income Hours Worked Ă· Real Prices Hourly Income Ă·
INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă· Annual Income Hours Worked Ă· Real Prices Hourly Income Ă·
Percentage Change in Time Prices over Time
Percentage Change in Time Prices over Time 1980: 2.5 hours
Percentage Change in Time Prices over Time 1980: 2.5 hours 2017: 1.5 hours
Percentage Change in Time Prices over Time 1980: 2.5 hours 2017: 1.5 hours -40%
Wheat
Wheat
y = -2.3156x + 115.2 RÂČ = 0.6413 0 20 40 60 80 100 120 140 160 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Wheat $/mt Time Price Wheat Linear (Wheat) Wheat
Simon Commodity Time Price Index y = -1.2785x + 76.905 RÂČ = 0.618 0 20 40 60 80 100 120 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Simon Commodities Index Time Prices 1980 = 100 Simon Commodities Index Linear (Simon Commodities Index)
World Population
World Population
World Population 0 1,000,000,000 2,000,000,000 3,000,000,000 4,000,000,000 5,000,000,000 6,000,000,000 7,000,000,000 8,000,000,000 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 World Population
World Population 0 1,000,000,000 2,000,000,000 3,000,000,000 4,000,000,000 5,000,000,000 6,000,000,000 7,000,000,000 8,000,000,000 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 World Population 1980-2017 = +69.3%
Price Elasticity of Population
Percentage Change in Time Prices Price Elasticity of Population
Percentage Change in Time Prices Price Elasticity of Population
Percentage Change in Time Prices Percentage Change in Population Price Elasticity of Population
Percentage Change in Time Prices Percentage Change in Population We assume that Population is always increasing Price Elasticity of Population
Price Elasticity of Population
-64.7% Price Elasticity of Population
-64.7% Price Elasticity of Population
-64.7% 69.6% Price Elasticity of Population
-0.934 Price Elasticity of Population
-0.934 Price Elasticity of Population For every 1.0 percent increase in population, time prices declined by 0.934 percent
Price Elasticity of Population
Price Elasticity of Population
Price Elasticity of Population % Change Time Price
Price Elasticity of Population % Change Time Price
Price Elasticity of Population % Change Time Price % Change Population
Price Elasticity of Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 100% % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% 100% % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% 100% % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% 100% % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% 100% -100% % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% 100% -100% % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% 100% -100% 45Âș % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% 100% -100% 45Âș Sustaining Line: PEP = 1 % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% 100% -100% 45Âș Sustaining Line: PEP = 1 % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance 100% -100% 45Âș Sustaining Line: PEP = 1 % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance 100% -100% 45Âș Sustaining Line: PEP = 1 % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance 100% -100% Emerging Abundance45Âș Sustaining Line: PEP = 1 % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% % Change Time Price % Change Population
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% % Change Time Price % Change Population =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% % Change Time Price % Change Population =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% % Change Time Price % Change Population =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% % Change Time Price % Change Population =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 80% 70% % Change Time Price % Change Population =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 80% 80% 70% % Change Time Price % Change Population =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 80% 80% 70% % Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 80% 80% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 80% 80% 70% 1.1 PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% 70% PEP% Change Time Price % Change Population = = 70%
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% 70% PEP% Change Time Price % Change Population = = 70% 1.00
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 50% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 50% 70% PEP% Change Time Price % Change Population = = 50%
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 50% 70% PEP% Change Time Price % Change Population = = 0.71 50%
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = = 0%
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = = 0.00 0%
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -20% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -20% 70% PEP% Change Time Price % Change Population = = -20%
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -20% 70% PEP% Change Time Price % Change Population = = -0.28-20%
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -41% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -41% 70% PEP% Change Time Price % Change Population = = -41%
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -41% 70% PEP% Change Time Price % Change Population = = -0.59-41%
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -60% 70% PEP% Change Time Price % Change Population = =
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -60% 70% PEP% Change Time Price % Change Population = = -60%
Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -60% 70% PEP% Change Time Price % Change Population = =-0.86-60%
Banananomics
You have 10 people on your island and a banana costs $1.00 Your grocery bill is $10.00
You have 10 people on your island and a banana costs $1.00 Your grocery bill is $10.00 Population has grown by 70% to 17 people.
You have 10 people on your island and a banana costs $1.00 Your grocery bill is $10.00 Population has grown by 70% to 17 people. The price of bananas has declined by 70%
You have 10 people on your island and a banana costs $1.00 Your grocery bill is $10.00 Population has grown by 70% to 17 people. The price of bananas has declined by 70%
You have 10 people on your island and a banana costs $1.00 Your grocery bill is $10.00 Population has grown by 70% to 17 people. The price of bananas has declined by 70% How much is your grocery bill?
10 x $1.00 = $10.00 17 x $0.30 = $5.10 49% drop
We have an idea shortage not a resource shortage - Scott Adams

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Int 17

  • 1.
  • 2. Lecture 17 - Global Economy ECON 360 International Economics
  • 3. This universe is finite, its resources, finite
 if life is left unchecked, life will cease to exist. It needs correcting.
  • 4. Society needs rescaling – we’ve got to reduce the size of the entire human enterprise.
  • 5. The ultimate resource is people —especially skilled, spirited, and hopeful young people endowed with liberty—who will exert their wills and imaginations for their own benefits, and so inevitably they will benefit the rest of us as well.
  • 6. Both Predicted a Relationship
  • 7. Both Predicted a Relationship
  • 12. Prices Population Both Predicted a Relationship 0% Higher Scarcity
  • 13. Prices Population Both Predicted a Relationship 0% Lower Abundance Higher Scarcity
  • 14. Prices Population Both Predicted a Relationship Ehrlich 0% Lower Abundance Higher Scarcity
  • 15. Prices Population Both Predicted a Relationship Ehrlich 0% Lower Abundance Higher Scarcity
  • 16. Prices Population Both Predicted a Relationship Ehrlich Simon 0% Lower Abundance Higher Scarcity
  • 17. Prices Population Both Predicted a Relationship Ehrlich Simon 0% Lower Abundance Higher Scarcity
  • 18. Copper Chromium Nickel Tin Tungsten 1980 - 1990 Fell by 57.6 percent The Bet
  • 24. Nominal Price Real Price Three Prices Dollars and Cents
  • 25. Nominal Price Real Price Three Prices Dollars and Cents Time Price
  • 26. Nominal Price Real Price Three Prices Dollars and Cents Hours and Minutes Time Price
  • 27. Things can get cheaper in two ways
  • 28. The price can go down Things can get cheaper in two ways
  • 29. The price can go down Things can get cheaper in two ways
  • 30. The price can go down Things can get cheaper in two ways or
  • 31. The price can go down Things can get cheaper in two ways Your hourly income can go up or
  • 32. The price can go down Things can get cheaper in two ways Your hourly income can go up or
  • 38. Equations Real Price Nominal Price Ă· GDP Deflator Hourly Income Annual Income Ă· Annual Hours Worked Time Price Real Price Ă· Hourly Income
  • 43. Nominal Prices Time Price Real Prices Hourly Income Ă·
  • 44. Nominal Prices Time Price Real Prices Hourly Income Ă·
  • 45. INTERNATIONAL MONETARY FUND Nominal Prices Time Price Real Prices Hourly Income Ă·
  • 46. INTERNATIONAL MONETARY FUND Nominal Prices Time Price Ă·Real Prices Hourly Income Ă·
  • 47. INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă·Real Prices Hourly Income Ă·
  • 48. INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă·Real Prices Hourly Income Ă·
  • 49. INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă·Real Prices Hourly Income Ă·
  • 50. INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă·Real Prices Hourly Income Ă·
  • 51. INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă· Annual Income Real Prices Hourly Income Ă·
  • 52. INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă· Annual Income Real Prices Hourly Income Ă·
  • 53. INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă· Annual Income Ă· Real Prices Hourly Income Ă·
  • 54. INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă· Annual Income Hours Worked Ă· Real Prices Hourly Income Ă·
  • 55. INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă· Annual Income Hours Worked Ă· Real Prices Hourly Income Ă·
  • 56. INTERNATIONAL MONETARY FUND Nominal Prices Time Price GDP Deflator Ă· Annual Income Hours Worked Ă· Real Prices Hourly Income Ă·
  • 57. Percentage Change in Time Prices over Time
  • 58. Percentage Change in Time Prices over Time 1980: 2.5 hours
  • 59. Percentage Change in Time Prices over Time 1980: 2.5 hours 2017: 1.5 hours
  • 60. Percentage Change in Time Prices over Time 1980: 2.5 hours 2017: 1.5 hours -40%
  • 61. Wheat
  • 62. Wheat
  • 63. y = -2.3156x + 115.2 RÂČ = 0.6413 0 20 40 60 80 100 120 140 160 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Wheat $/mt Time Price Wheat Linear (Wheat) Wheat
  • 64. Simon Commodity Time Price Index y = -1.2785x + 76.905 RÂČ = 0.618 0 20 40 60 80 100 120 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Simon Commodities Index Time Prices 1980 = 100 Simon Commodities Index Linear (Simon Commodities Index)
  • 69. Price Elasticity of Population
  • 70. Percentage Change in Time Prices Price Elasticity of Population
  • 71. Percentage Change in Time Prices Price Elasticity of Population
  • 72. Percentage Change in Time Prices Percentage Change in Population Price Elasticity of Population
  • 73. Percentage Change in Time Prices Percentage Change in Population We assume that Population is always increasing Price Elasticity of Population
  • 74. Price Elasticity of Population
  • 79. -0.934 Price Elasticity of Population For every 1.0 percent increase in population, time prices declined by 0.934 percent
  • 80. Price Elasticity of Population
  • 81. Price Elasticity of Population
  • 82. Price Elasticity of Population % Change Time Price
  • 83. Price Elasticity of Population % Change Time Price
  • 84. Price Elasticity of Population % Change Time Price % Change Population
  • 85. Price Elasticity of Population % Change Time Price % Change Population
  • 86. Price Elasticity of Population % Change in Population % Change Time Price % Change Population
  • 87. Price Elasticity of Population % Change in Population % Change Time Price % Change Population
  • 88. Price Elasticity of Population % Change in Time Prices % Change in Population % Change Time Price % Change Population
  • 89. Price Elasticity of Population % Change in Time Prices 0% % Change in Population % Change Time Price % Change Population
  • 90. Price Elasticity of Population % Change in Time Prices 0% 100% % Change in Population % Change Time Price % Change Population
  • 91. Price Elasticity of Population % Change in Time Prices 0% 0% 100% % Change in Population % Change Time Price % Change Population
  • 92. Price Elasticity of Population % Change in Time Prices 0% 0% 100% % Change in Population % Change Time Price % Change Population
  • 93. Price Elasticity of Population % Change in Time Prices 0% 0% +100% 100% % Change in Population % Change Time Price % Change Population
  • 94. Price Elasticity of Population % Change in Time Prices 0% 0% +100% 100% -100% % Change in Population % Change Time Price % Change Population
  • 95. Price Elasticity of Population % Change in Time Prices 0% 0% +100% 100% -100% % Change in Population % Change Time Price % Change Population
  • 96. Price Elasticity of Population % Change in Time Prices 0% 0% +100% 100% -100% 45Âș % Change in Population % Change Time Price % Change Population
  • 97. Price Elasticity of Population % Change in Time Prices 0% 0% +100% 100% -100% 45Âș Sustaining Line: PEP = 1 % Change in Population % Change Time Price % Change Population
  • 98. Price Elasticity of Population % Change in Time Prices 0% 0% +100% 100% -100% 45Âș Sustaining Line: PEP = 1 % Change in Population % Change Time Price % Change Population
  • 99. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance 100% -100% 45Âș Sustaining Line: PEP = 1 % Change in Population % Change Time Price % Change Population
  • 100. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance 100% -100% 45Âș Sustaining Line: PEP = 1 % Change in Population % Change Time Price % Change Population
  • 101. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance 100% -100% Emerging Abundance45Âș Sustaining Line: PEP = 1 % Change in Population % Change Time Price % Change Population
  • 102. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 % Change in Population % Change Time Price % Change Population
  • 103. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 % Change in Population % Change Time Price % Change Population
  • 104. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population % Change Time Price % Change Population
  • 105. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population % Change Time Price % Change Population
  • 106. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance % Change Time Price % Change Population
  • 107. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance % Change Time Price % Change Population
  • 108. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% % Change Time Price % Change Population
  • 109. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% % Change Time Price % Change Population =
  • 110. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% % Change Time Price % Change Population =
  • 111. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% % Change Time Price % Change Population =
  • 112. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% % Change Time Price % Change Population =
  • 113. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 80% 70% % Change Time Price % Change Population =
  • 114. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 80% 80% 70% % Change Time Price % Change Population =
  • 115. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 80% 80% 70% % Change Time Price % Change Population = =
  • 116. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 80% 80% 70% PEP% Change Time Price % Change Population = =
  • 117. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 80% 80% 70% 1.1 PEP% Change Time Price % Change Population = =
  • 118. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
  • 119. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
  • 120. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% 70% PEP% Change Time Price % Change Population = =
  • 121. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% 70% PEP% Change Time Price % Change Population = = 70%
  • 122. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% 70% PEP% Change Time Price % Change Population = = 70% 1.00
  • 123. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
  • 124. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
  • 125. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 50% 70% PEP% Change Time Price % Change Population = =
  • 126. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 50% 70% PEP% Change Time Price % Change Population = = 50%
  • 127. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 50% 70% PEP% Change Time Price % Change Population = = 0.71 50%
  • 128. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
  • 129. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
  • 130. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = = 0%
  • 131. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = = 0.00 0%
  • 132. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
  • 133. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
  • 134. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -20% 70% PEP% Change Time Price % Change Population = =
  • 135. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -20% 70% PEP% Change Time Price % Change Population = = -20%
  • 136. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -20% 70% PEP% Change Time Price % Change Population = = -0.28-20%
  • 137. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
  • 138. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
  • 139. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -41% 70% PEP% Change Time Price % Change Population = =
  • 140. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -41% 70% PEP% Change Time Price % Change Population = = -41%
  • 141. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -41% 70% PEP% Change Time Price % Change Population = = -0.59-41%
  • 142. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
  • 143. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% 70% PEP% Change Time Price % Change Population = =
  • 144. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -60% 70% PEP% Change Time Price % Change Population = =
  • 145. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -60% 70% PEP% Change Time Price % Change Population = = -60%
  • 146. Price Elasticity of Population % Change in Time Prices 0% 0% +100% Decreasing Abundance Super Abundance 100% -100% Emerging Abundance45Âș Inversion Line: PEP = 0 Sustaining Line: PEP = 1 Nirvana Line: PEP = [1 Ă· (1 + %∆ in population)] - 1 % Change in Population Accelerating Abundance 70% -60% 70% PEP% Change Time Price % Change Population = =-0.86-60%
  • 148.
  • 149. You have 10 people on your island and a banana costs $1.00 Your grocery bill is $10.00
  • 150. You have 10 people on your island and a banana costs $1.00 Your grocery bill is $10.00 Population has grown by 70% to 17 people.
  • 151. You have 10 people on your island and a banana costs $1.00 Your grocery bill is $10.00 Population has grown by 70% to 17 people. The price of bananas has declined by 70%
  • 152. You have 10 people on your island and a banana costs $1.00 Your grocery bill is $10.00 Population has grown by 70% to 17 people. The price of bananas has declined by 70%
  • 153. You have 10 people on your island and a banana costs $1.00 Your grocery bill is $10.00 Population has grown by 70% to 17 people. The price of bananas has declined by 70% How much is your grocery bill?
  • 154.
  • 155. 10 x $1.00 = $10.00 17 x $0.30 = $5.10 49% drop
  • 156. We have an idea shortage not a resource shortage - Scott Adams