There are lots of people in the world who will give us things that we want, as long as we give them something they want in return. This is called trading. Some of the things we trade are hard to see--they are like nice thoughts. Other people keep thinking up nicer things to trade with us, and we keep thinking up nicer things to trade with them. We keep trading nicer and nicer things. Many years ago, people had not thought up all of these nice things, so they did not have as much to trade as we do. That is why people who lived back then were poor, and we are not.
Originally from the pit at Tradesports(TM) (RIP 2008) ... on trading, risk, economics, politics, policy, sports, culture, entertainment, and whatever else might increase awareness, interest and liquidity of prediction markets
Monday, October 01, 2007
Kling on explaining economic growth to a 5-year-old
It might even work for a journalist, or even an MIT economist:
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