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The other effect of the "age of exploration" was that it embedded growth as the discovery of new resources (including land.)

To me, this is one of the most interesting elements of a whole bunch of economic myths, including Ayn Rand's frontier style libertarianism. Eternal growth (and the general "morality of self-sufficiency" not to mention "if you're poor, it's because you're lazy") all powerfully run off the notion that if someone "eats your lunch" you just run off to "new territory" and do something new.

A basic truth observing large parts of the world is that a lot of the most productive, most habitable land has already been exploited, but our economics sort of lives by the idea that such things are in infinte supply.

by Metatone (metatone [a|t] gmail (dot) com) on Fri Dec 8th, 2006 at 07:26:27 AM EST
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In addition, when there is economic growth there is more social mobility, because people can get higher in the wealth ranking without others losing wealth in absolute terms. In other words, when economic growth falters, economic activity and social mobility become more of a zero-sum game, which is why we're seing all this wealth capture at the top of the dung heap. The limits of growth are at hand, the game is now closer to zero-sum, and those at the top seem to know it, if only instinctively.

Those whom the Gods wish to destroy They first make mad. -- Euripides
by Carrie (migeru at eurotrib dot com) on Fri Dec 8th, 2006 at 07:34:27 AM EST
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