macroeconomics

In the Aspect of Eternity

Lyuben Ivanov / 2024-08-14
After living for thousands of years one bad crop away from starvation, humanity stumbled upon technologies and institutions that enabled it to escape the Malthusian Trap and grow itself out of a life that was nasty, brutish, and short. For the last few hundred years, people in most of the world are living amidst the miracle of sustained economic growth — long-run capital accumulation and growth have been the norm, whilst short-term downturns have been the exception. Nevertheless, the IB Economics syllabus is still clinging to the short-term view and focuses on the deviations from the long-term trend.