Unit 2 Post

I find it incredible that the economy has grown so much in the past 1000 years compared to the previous 1000 years. Even more incredible to me is how it has grown even bigger in the last 200 years alone. According to the book, life expectancy in the west in 1820 was about 36 years, now that number is close to 80 which means that in the past 200 years or so our life expectancy has more than doubled. It is also interesting how there is such a large disparity between the largest and the smallest economies in the world, with the West almost always having the larger economies even though a much larger percentage of the population does not live in the west. Throughout this course I will be interested to see why these things have happened the way they have.

One thought on “Unit 2 Post”

  1. I’ve always found that really interesting as well. I’ve always wondered though how the economy keeps growing without collapsing. Take for instance the housing market; it was always growing for years. Home values were always increased and everyone was convinced that their home values would never fall. This caused a lot subprime borrows, then banks kept converting them into CDOs and eventually the “bubble” popped. Home values increased, variable interest rates skyrocketed and many people defaulted on their mortgages. The bubble popped and lead us into a recession. I’m worried that eventually this will happen to the economy as a whole. It will keep growing and growing like bubble and then one day, it just pops and thus begins a recession or depression (but on a much larger scale than before). I’m not really sure how this would happen, but it is something that worries me.

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