Wealth

When hunter gatherers roamed the world, accumulated manufactured capital was largely absent. The only capital around was human capital which accumulated through life time experience and natural capital. Since humans did not get old and intergenerational acquisition of knowledge was limited by the absence of written language, the stock of human capital had limited growth…

Mass tourism is remarkably often centered around man made structures from the distant past. The phenomenon that historical buildings or structure are not made anymore. Reasons: equalization, no divinity anymore. Human labor is too expensive. 

Adam Smith, described wealth as “the annual produce of the land and labour of the society”.  Implicitly, in this definition a profit & loss approach is utilized, being a measure of income per year, as opposed to a balance sheet approach, with total accumulated non-consumed production.  This profit & loss approach has become commonplace. Frequently economists define…

Education as measured by the years of schooling, shows a remarkable strong positive cross-country correlation with GDP per capita. This correlation not only holds today, but has been fairly persistent since education became broad based in western societies, some 150 years ago. During that era governments began facilitating education for common people and started to…