This is required reading for the 2nd online session of Jan 22nd.
In the following, we continue to add to our vocabulary. In the ultimate analysis, it’s all about learning the meaning of words, and then using words to reason about the world.
First wealth. Then the transformation of natural stuff into wealth by using energy and technology. Then cost and price of stuff.
In the end, we will note that the cost (and therefore the price) of everything is decreasing all the time. The question we have is this:
What is the one exception to this decreasing cost trend?
Wealth is a broad category of material objects. We will use the word to denote all things that people find useful and/or value. Note that people are intimately identified with wealth in the sense that only people — not non-human animals — create wealth and are the evaluating entities. Continue reading “Wealth, Cost and Price”