The future is probably rosier than most people imagine, argue the authors of a new book
Save time by listening to our audio articles as you multitaskMr Song helped persuade China’s Communist Party to enforce a merciless one-child policy for 35 years. Couples with excess babies were hit with ruinous fines; the homes of some were bulldozed. Illegal children were denied public services or put up for adoption abroad. Women pregnant with a second child were tied down and subjected to late-term abortions. Some officials drowned illicit babies in buckets.
Mr Tupy, who works for the Cato Institute, a libertarian think-tank, and Mr Pooley , think people should be free to have the number of children they want. Because they have brains as well as mouths, they argue, more people mean more innovation—which in turn means many of the problems caused by a rising population can be solved by it.
Mr Tupy and Mr Pooley have broadened the scope of Simon’s analysis. They look at a wider range of goods over a longer period of time . And they use a different measure of value. Instead of relying on prices in dollars and adjusting for inflation, which is hard to do accurately across borders and eras, they look at “time-prices”: how long it takes to earn enough to buy something. If someone earns $10 an hour and a banana costs $1, for example, the time-price of a banana is six minutes.
Time-prices suggest the world is getting richer at a cracking pace . They also offer a fresh perspective on global inequality. By the authors’ calculations, in 1960 a typical Indian had to toil for seven hours to put rice on the family table, while a typical American had to work for one hour to buy enough wheat. For their grandchildren in 2018 those figures had fallen to 58 minutes and 7.5 minutes respectively.
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