Class Summary 09/19

Economic Biases: 

1. The percentage of the population of the world that is poor is growing. 

"The rich have indeed gotten richer, but the poor have done even better." 

• The graphs in Rizzo's powerpoint show that if you look from the years of 1970 to 2006 there has been an 80% reduction in the absolute number of people that are poor. 
• Today there are less than 200 million people making a dollar a day. At the start of the chart 27% of the world lived on less than a dollar a day. 
• The numbers of the poor have decreased significantly. The poverty rates in Korea, Japan, and China have fallen by 98%.
• Chine RIGHT NOW is ten times richer than they were ten years ago.

 Overall the World, as a whole, has become richer than they have ever been in the past. This fact can put to rest this ONE economic bias. 

Another question we can ask ourselves after hearing this lecture is where do these economic biases originate from when there is hard evidence that is stating the opposite of the bias?