"Sure, we've managed to invent wealth based on things that have nothing to do with natural resources, like say, bundled securities"
But, bundled securities aren't the only thing. For example, we have been able to do more with less material. Look at watches, for example. Mechanical ones. The first watches had to be worn on a chain around the neck. Not only were they pretty big, but they only had an hour hand. By the 1800's, they were small enough to fit in a pocket. By WWI, they were small enough to be worn on the wrist. Now, not only do they fit on the wrist, they also can sport a variety of functions in addition to basic timekeeping. They could even be a lot smaller, but there is little point.
Or, look at TVs. Pick one out of the 1950s. It used a huge quantity of material compared to a modern TV. And a lot of the material in the 1950s TV were materials in short supply, like tungsten. A modern TV is mainly silicon and plastic.
And so on. |
