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10 Years of Street Photography: What I Learned & How You Can Improve

What’s poppin’ people? It’s Dante. Today, I want to talk about how I improved my street photography. Over the past decade, I’ve been practicing daily, traveling the world, and putting in hundreds of hours to hone my craft. This post synthesizes my process, my journey, and practical advice for anyone looking to improve.

1. YouTube Video
2. Full Audio
3. PDF Transcript

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Key Lessons I Learned

Here’s a breakdown of the lessons that shaped me over the years:

1. Persistence is Everything

Nine times out of ten, you’re going to fail. In street photography, 99.9% of your shots won’t be successful, and that’s okay. The key is to embrace failure openly and detach from the outcome. I’ve learned to enter a flow state, where the act of making pictures matters more than the results.

“Increase your curiosity by 1% each day, and the results will follow.”

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2. Stick to One Camera and One Lens

Simplify your process. Using one camera and one lens allows you to become deeply familiar with your gear. I recommend the Ricoh GR series or the Fujifilm X100 series because they force you to stick to a single focal length.

Why this matters:

• It eliminates distractions from switching lenses.
• You can focus more on seeing and less on technicalities.
• Your intuition becomes sharper with repetition.

“Street photography is not about the gear—it’s about going out into the world and making photographs.”

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3. Repetition Builds Mastery

I’ve walked the same streets of Philadelphia every day for years. My favorite route is Market Street, where I know the light, the people, and the rhythm of the city. Repetition breeds familiarity, and familiarity allows you to see the extraordinary in the mundane.

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4. Study Light and Composition

Photography is drawing with light. By walking the same route daily, I learned how light falls on certain corners at specific times of the day. Beyond observing light, studying photo books and analyzing my own work helped me understand composition.

Practical Tip: Print your photos. I use a Canon Selphy CP1500 to create thumbnail prints, which I tape to my walls and sketchbooks. This allows me to analyze patterns and improve.

“Most of your photos will end up on the cutting room floor. The real skill lies in recognizing the ones worth keeping.”

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5. Travel with Purpose

Travel has been integral to my growth. Whether it was documenting life in Jerusalem or wandering the streets of Mumbai, I always approached new environments with curiosity and an open mind.

My travel tips:

• Spend at least two weeks in one location to immerse yourself.
• Avoid over-planning; let life flow toward you.
• Always carry your camera.

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My Philosophy on Photography

At this stage in my journey, I’ve returned to high-contrast black-and-white photography to strip down the process and focus on my emotional connection to the world. It’s no longer about chasing the “perfect” photo but about creating work that reflects my soul.

“A photograph is a reflection of your lust for life. Follow your joy, and the photographs will follow.”

I’ve transitioned from chasing external adventures to documenting my everyday life. Photography has become my visual diary, integrating seamlessly with who I am.

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Final Thoughts

Improving your street photography is a journey, not a destination. The key is to stay consistent, stay curious, and enjoy the process. Whether you’re just starting out or years into your practice, remember:

“The more you walk, the more you see. The more you see, the more you photograph. The more you photograph, the more you grow.”

So, get out there, make pictures, and embrace the flow of life.

Until next time,
Dante

Embracing the Spirit of Play in Street Photography

What’s poppin’, people? It’s Dante. Today, we’re going to talk about embracing the spirit of play on the streets. Street photography has nothing to do with compositional technique or putting together a frame.

1. YouTube Video
2. Full Audio
3. PDF Transcript

The Nuance of Street Photography

Street photography is very nuanced. When you’re out there, the philosophy behind why you’re photographing, how you’re photographing, and what you’re photographing is a reflection of who you are as a human being.

A photograph is a reflection of my courage, of my heart.

When you’re on the street, embracing a childlike spirit of play, you’re open and curious—without any preconceived notions. That’s where you will be surprised by life’s beautiful gifts. The gift of photography is the fact that when you have a camera in hand, and curiosity at the forefront, all those complex moments and details aren’t just about observation; they’re about spirit.

Courage and Connection

When I think of the word courage, it comes from ‘cor,’ meaning heart.

A photograph is a reflection of positioning oneself on the front lines of life—close to life, close to humanity. And at the end of the day, a photograph reflects our lust for life.

The Technical vs. The Playful

Sure, as photographers, we talk about positioning ourselves, timing that decisive moment, and composing a scene with foreground, middle ground, and background. But there’s something deeper to it—

• Set the camera aside.
• Forget the composition.
• Dive deep into your mind.

Because when you’re on the streets, you’re on the front lines of life.

Entering Shu’Fat with an Open Mind

When I entered the Shu’Fat refugee camp in East Jerusalem, the scene was serious—looming walls, barbed wire, checkpoints, Israeli soldiers—but inside, I was just a big kid with a camera, curious and open.

I found myself photographing men gathering watermelon, loading their truck. Approaching the scene playfully, the men started playing themselves. It all unfolded naturally, without expectations.

Go in without preconceived notions. Just wonder, ‘What’s in here?’

Learning Through Photography

I wasn’t thinking about cultural significance when making that photograph, but years later, I learned the watermelon is a symbol of Palestinian resistance—red, green, black, and white, representing their flag. Photography teaches you things, even long after you’ve pressed the shutter.

Behind the Scenes

In 2017, I was using the Fujifilm X-Pro2 with a 23mm lens, and a GoPro Hero 3 mounted on top. Through my playful interactions, I captured vibrant colors, gestures, and movement.

Observing the light and shadow play, studying human behavior—all of it combines to create compelling frames.

Playfulness Pays Off

When you embrace the spirit of play, you’re not just snapping pictures—you’re engaging with people.

• Smile.
• Use body language.
• Be open.

And you’ll be surprised by how people respond.

Following My Joy

At the end of the day, I love life. I love humanity. I’m not out there as a serious documentary photographer hunting for the next shot. I’m joyful when I’m on the streets.

Follow your joy, follow your inner childlike curiosity, and that spirit of play will reflect in your photographs.

Examples from Around the World

I’ve carried this mindset with me everywhere:

• Naples, Italy – Interacting playfully led to capturing a local preparing shellfish.
• Jericho, Palestine – Hiking for hours without water, only to capture a profound moment by the water.
• West Baltimore, USA – A spontaneous moment with kids, letting them take photos of me in return.

Photography as a Reflection of Life

The world is serious enough; street photography should be fun. Don’t take yourself too seriously. When you’re playful, when you’re open, you’ll be delighted with the frames you make.

A photograph is a reflection of your courage, your heart, and your lust for life.

So go out there, follow your joy, and embrace the spirit of play.

Don’t consume any food until you’ve made your daily photographs, selected the keepers and back them up to the cloud

Amor fati is a Latin phrase that translates to “love of fate” or “love your fate.” It embodies the philosophical idea of embracing everything that happens in life—both the good and the bad—as necessary and meaningful. The concept is often associated with Stoicism and Nietzschean philosophy, encouraging individuals to accept their circumstances fully and without resistance, seeing them as integral to their growth and existence.

As an artist, vitality is at the forefront of my life at all times.

Why?

1. Vitality cultivates curiosity.
2. Curiosity leads me to create.

Without a strong foundation—without good health—how will you enter the flow state of production?

The goal is simple: increase vitality for the sake of making art. The end result? Increased curiosity by 1% each day.

Simply put—prioritizing sleep should be the most important aspect of our lives.

Everything in Flux

To change, to evolve, to transform is happiness.

The word evolution originates from the Latin term evolutio, meaning “unrolling” or “opening of a book.” It is derived from the verb evolvere, which consists of:

• “e-“ (a prefix meaning “out” or “from”)
• “volvere” (meaning “to roll” or “to turn”)

Quit consuming entertaining junk and enroll in the Peterson Academy with me! We can build the future together. 1000x more informative and higher quality than any modern university lectures.

The Economics of Human Flourishing

1. Ingenious Economics
2. Abundance Mindset
3. Price Perspective
4. Personal Abundance
5. Resource Abundance
6. Capitals of Innovation
7. Intellectual Revolution
8. Eco-Anxiety
9. Enduring Superabundance

Enduring Superabundance

In this course, we focused on an ancient source of despair that continues to resonate today—the fear of overpopulation and the exhaustion of natural resources. This fear was valid for thousands of years, and Thomas Malthus, its most prominent proponent, deserves credit for being a thorough historian. However, Malthus penned his influential thesis—that human population grows geometrically while food production can only grow arithmetically—just as the world was beginning to undergo a fundamental transformation.

In the late 18th century, Western European nations and their colonial offshoots began to break free from the Malthusian trap. Mortality rates declined, incomes rose, and nutrition improved, leading to a better quality of life. Over time, much of the rest of the world followed suit, adopting, albeit imperfectly, liberal institutions that encouraged open inquiry, science, and technology.

By 1800, the Earth’s population was just 1 billion; by 2022, it had grown to 8 billion. About five years ago, Gale and I embarked on a research journey that led to the publication of Superabundance: The Story of Population Growth, Innovation, and Human Flourishing on an Infinitely Bountiful Planet. In our work, we introduced the Simon Abundance Index, measuring the availability of resources through the lens of hourly wages, or “time prices.”

Julian Simon, a Cornucopian thinker, argued that scarcity is relative to our income. If wages rise while the price of a commodity remains constant, it becomes more abundant. Our research found that, on average, personal resource abundance grew by 3% annually, doubling every two decades. Population resource abundance grew even faster, at 4% per year, doubling every 16 years. Our conclusion: every additional human being contributes value by generating ideas that lead to innovations, productivity gains, and higher living standards.

The Pillars of Superabundance

Superabundance hinges on two core components:

1. People: Rational and knowledgeable individuals.
2. Freedom: The liberty to think, speak, publish, and collaborate.

With more people and greater freedom, the likelihood of generating solutions to present and future challenges increases. Our ability to address issues such as climate change, resource scarcity, and technological advancement depends on these factors.

Challenges to Superabundance

Despite these successes, several challenges threaten the continuation of superabundance:

1. Negativity Bias:

• Our brains are wired to prioritize threats over opportunities, making us susceptible to apocalyptic predictions. Media outlets exploit this bias by emphasizing negative news, skewing public perception of reality.

1. Environmental Panic and Population Decline:

• The pervasive fear of climate catastrophe discourages procreation and economic development. A declining population threatens innovation, growth, and fiscal stability.

1. Censorship and Freedom of Thought:

• Freedom of speech is essential for intellectual progress. Restrictions on dialogue hinder our ability to tackle complex challenges and innovate.

1. Market Restrictions:

• Free markets facilitate innovation and economic growth. Overregulation stifles creativity and prevents valuable ideas from reaching fruition.

Psychological Barriers to Progress

Humans tend to overestimate risks and underestimate progress due to several cognitive biases:

• Availability Heuristic: We judge probabilities based on memorable events, leading us to overestimate the likelihood of disasters.
• Loss Aversion: People fear losses more than they value equivalent gains.
• End-of-History Illusion: We assume future progress will be less significant than past advancements.

Capitalism and Human Nature

Despite capitalism’s unparalleled success in creating wealth and improving living standards, it faces constant opposition due to deep-rooted human tendencies toward:

• Tribalism: Small-group cooperation often conflicts with large-scale market dynamics.
• Egalitarianism: People resent wealth inequality, even when it results from innovation and productivity.
• Zero-Sum Thinking: Many perceive economic growth as a win-lose proposition rather than a win-win scenario.

The Role of Knowledge and Adaptation

Humans thrive through cooperation and knowledge-sharing. The key to sustaining progress lies in embracing evidence-based optimism and continuing to expand freedom and markets. History demonstrates that civilizations can decline, but they can also recover if they re-embrace the values that foster progress.

Conclusion

As we conclude this course, remember that the human mind tends to focus on fear and scarcity. Recognizing this bias is crucial to fostering rational optimism and embracing the potential for continued superabundance. With free people generating ideas and testing them in the marketplace, we can address future challenges and ensure human flourishing.

Thank you for your engagement and curiosity throughout this course.

Eco-Anxiety

Introduction

• Environmentalism in 19th-century Europe emerged in response to economic growth and prosperity.
• It originated with anti-bourgeois and anti-capitalist sentiments, culminating in a comprehensive condemnation of modernity and civilization.
• Eco-anxiety has caused depression and disillusionment, fulfilling a role similar to traditional religion.

Rousseau’s Critique of Modernity

• Jean-Jacques Rousseau argued that civilization led to moral degradation.
• He idealized the simplicity of hunter-gatherer societies and saw modernity as a source of servitude and misery.
• Rousseau’s views inspired Romanticism, which critiqued modernity as making humanity jealous, weak, and enslaved.

Romanticism vs. Enlightenment

• Enlightenment thinkers viewed modernity as fostering cooperation, thoughtfulness, and freedom.
• Romantics saw it as promoting jealousy, weakness, and spiritual emptiness.
• Machines were symbols of progress to the Enlightenment, while Romantics saw them as harbingers of doom.

German Environmental Thought

• German philosopher Ernst Haeckel coined the term “ökologie” and promoted Monism, which sought to replace Christianity.
• German Romanticism aligned with nationalism and inspired the German Youth Movement and National Socialism.
• Figures like Ludwig Klages and Martin Heidegger criticized modernity’s destruction of nature.

Environmentalism in the United States

• Rachel Carson’s Silent Spring (1962) launched environmental consciousness.
• The 1970s saw Earth Day, the Clean Air Act, and the creation of the Environmental Protection Agency (EPA).
• The movement increasingly adopted anti-capitalist rhetoric.

Rise of Eco-Anxiety

• Concerns over population growth led to radical measures and Malthusian perspectives.
• Environmentalists advocated for population control, with some proposing anti-natalism or even genocide.
• Media articles and books promoted the idea of human extinction as a solution to environmental degradation.

Environmentalism as a New Religion

• Environmentalism has adopted religious qualities, with nature replacing God and scientists acting as priests.
• The movement offers a sense of purpose and identity, much like traditional religion.
• Concepts like sustainability function as salvation, while apocalyptic fears replace religious judgment day.

Psychological Impacts of Environmental Alarmism

• Environmental alarmism has contributed to rising anxiety and depression, especially among youth.
• Fear of death and the search for meaning drive many to climate activism.
• Constructive solutions are often overshadowed by nihilistic and apocalyptic narratives.

Rational Optimism

• Authors argue for cautious optimism and a balanced perspective on environmental challenges.
• Wealth generation and technological innovation can provide solutions rather than exacerbate problems.
• The need for reason and evidence is emphasized to counteract fear-based environmentalism.

Conclusion

• Environmentalism has evolved from a critique of modernity into a quasi-religious movement.
• Addressing eco-anxiety requires rational discourse and evidence-based policies.
• Humanity must balance environmental stewardship with economic progress to create a sustainable future.

Intellectual Revolution

The Nature of Innovation

• Why does innovation happen?
• Humans have always innovated, but the pace was slow.
• Example: Oldowan stone tools used for 1.5 million years before Acheulean technology.
• Today, innovation occurs rapidly, sometimes overwhelmingly.
• Sustained innovation era:
• Began in the last 200 years.
• Driven by human institutions (formal and informal rules organizing society).

The Role of Human Institutions

• Egalitarian hunter-gatherer societies:
• As per Deirdre McCloskey, political egalitarianism characterized foragers.
• Leaders had little authority; people came and went freely.
• Equality, however, did not ensure prosperity.
• Agriculture’s impact:
• Mitigated food shortages by planting seeds.
• Led to sedentary lifestyles and food storage.
• Introduced trade-offs, such as inequality and private property.
• Free-rider problem:
• Farming required long labor, harder to track individual contributions.
• Led to the concept of private property to ensure fair effort and rewards.
• Created social hierarchies and economic disparities.

Emergence of Hierarchies

• Psychological shifts:
• As wealth disparities arose, humans justified them through beliefs in superiority.
• Concepts like kingship and slavery became acceptable.
• Justification through hierarchy:
• Bloodlines, divine rights, and superiority ideologies entrenched social classes.

The Impact of Hierarchies on Innovation

• Pre-modern governments:
• Predominantly extractive, benefiting elites at the expense of the majority.
• Provided security in exchange for labor and obedience.
• Equality before the law:
• Modern innovation flourishes due to legal equality.
• Diverse elites (farmers, industrialists) ensure fairer political-economic systems.

From Extractive to Inclusive Institutions

• Institutional evolution:
• Over time, governance evolved from extractive to inclusive.
• Greater inclusivity fostered sustained innovation.
• Examples of inclusive vs. extractive institutions:
• South Korea’s market-driven economy vs. North Korea’s state-controlled system.

The Role of Elites in Innovation

• Resistance to change:
• As Joseph Schumpeter noted, creative destruction threatens the elite.
• Historical examples: Luddites opposing industrialization.
• Geopolitical competition as a catalyst:
• European fragmentation forced elites to embrace innovation for national defense.

Intellectual and Economic Revolutions

• Impact of the Little Ice Age and Black Death:
• Reduced populations and food production.
• Led to competition, taxation, and wars.
• Military and economic developments:
• Gunpowder empires (China, Russia) vs. fragmented Europe.
• European nations promoted innovation to gain military and economic advantages.

The Gifts of Athena: Knowledge Revolution

• Joel Mokyr’s categorization:
• Propositional knowledge: Understanding fundamental truths (e.g., gravity).
• Prescriptive knowledge: Practical applications (e.g., farming techniques).
• Convergence of knowledge:
• Earlier disconnect between theory and practice.
• Scientific revolutions bridged the gap, leading to rapid progress.

The Role of Religion and Individualism

• Effects of the Protestant Reformation:
• Shift towards personal faith and skepticism of authority.
• Emergence of individualism:
• Renaissance and Protestant ideals emphasized personal identity.

The Ethical Shift Toward Innovation and Commerce

• Historical hostility to commerce:
• Ancient Greeks and Romans viewed profit-making with suspicion.
• Religious figures criticized merchants as dishonest.
• Changing perceptions in the 17th century:
• Shift in favor of merchants and innovators.
• Growth of a market-based economy.

Conclusion

• Innovation and economic growth intertwined:
• Commerce validates innovation through market acceptance.
• Modern prosperity arose from overcoming historical resistance to change.

Capitals of Innovation

Introduction

Welcome to the lecture on the Capitals of Innovation. This session will explore the key components that drive innovation, starting with a relatable example of microwave ovens and frozen burritos—innovations that transformed college cuisine.

The Evolution of Microwave Ovens

• Discovery: Percy Spencer accidentally discovered the microwave oven in 1945 while working with a magnetron.
• Impact: The invention significantly reduced cooking time, revolutionizing food preparation.
• Time Price Analysis:
• 1979: Microwaves cost $400; with wages at $3.70/hour, it required 108 hours of work.
• Today: Microwaves cost $74; with wages at $15.72/hour, it requires under 5 hours.
• Resource multiplier: A 23x improvement in affordability.

Defining Key Concepts

• Wealth: Anything that we value.
• Economics: The study of how humans create value for one another.
• Capital: Anything used to create something of value.

The Capitals of Innovation Model

The model consists of interconnected elements that facilitate innovation.

1. Human Capital

• Definition: The foundation of innovation, as humans discover and apply new knowledge.
• Components: Trust, health, skills, knowledge, personality, relationships.
• Trust Elements:
• Integrity Trust – Doing what one says.
• Competence Trust – Ability to perform tasks.

2. Cultural Capital

• Definition: How people treat each other within a society.
• Key Factors:
• Property Rights – Ownership and control over assets.
• Rule of Law – A fair legal system where laws apply equally.
• Example: North vs. South Korea’s economic divergence due to cultural differences.

3. Intellectual Capital

• Definition: Accumulated knowledge, patents, and methods.
• Significance: Encourages innovation through patent protections and shared knowledge.
• Example: Thomas Edison’s patent for the light bulb.

4. Physical Capital

• Definition: Tangible resources like buildings, materials, and time.
• Example: Oil in Saudi Arabia, infrastructure, and natural resources.

5. Financial Capital

• Definition: Money put at risk over time to support innovation.
• Key Elements:
• Savings and investment.
• Insurance to mitigate risk.
• Limited liability corporations to distribute financial risk.
• Double-entry accounting for financial transparency.

6. Ideas and Inventions

• Definition:
• Idea: Thought on how to create value.
• Invention: Proof of an idea in a tangible form.
• Example: Steve Wozniak (inventor) and Steve Jobs (entrepreneur) working together.

7. Entrepreneurs

• Definition: Individuals who take the risk of bringing inventions to market.
• Role: Bridge between inventions and market acceptance.

8. Free Markets

• Definition: Places where buyers and sellers discover value.
• Key Attributes:
• Price as an information system.
• Freedom to enter and exit the market.

The Process of Innovation

1. Ideas arise from human capital.
2. Inventions are created from ideas.
3. Entrepreneurs test these inventions in free markets.
4. Successful inventions become innovations, leading to increased wealth and economic growth.

Measuring Economic Growth

• Time Price: The time required to earn enough money to purchase an item.
• Continuous Innovation: Reducing time prices and increasing accessibility to products.

The Role of Culture in Innovation

• Encouraging trust and cooperation.
• Countries with robust legal and economic structures facilitate innovation.

Summary

• Wealth is anything valued.
• Capital is anything used to create value.
• Economic growth occurs through continuous innovation of capitals.
• Innovation requires human creativity, supportive culture, and financial resources.

By understanding and leveraging the Capitals of Innovation, societies can foster economic prosperity and improve living standards.

Resource Abundance

Applying the Framework at the Population Level

The framework for resource abundance can be applied at both the personal and population levels. While the personal level focuses on individual experiences of resource abundance, the population level examines how resources change across entire societies or the globe.

Key Equation

Population Resource Abundance = Personal Resource Abundance × Population

• Think of it as a pie:
• The size of the pie represents total resources.
• Each slice represents an individual’s share.
• Growth occurs either by increasing individual slices or by adding more slices (i.e., more people).

Growing the Pie

• If population increases but the time price remains the same or decreases, it means the overall abundance is growing.
• Historical data suggests that abundance is increasing faster than population growth.

Malthusian Theory vs. Reality

• Thomas Malthus hypothesized that food supply grows linearly while population grows exponentially, leading to resource scarcity and collapse.
• However, empirical data suggests that population growth has coincided with decreasing resource prices and increasing abundance, thanks to innovation and efficiency improvements.

Personal vs. Population Abundance

• Example: Hershey Bars
• 1900: 1 bar per person
• 2022: 6.62 bars per person
• Population in 1900: 68 million
• Population in 2022: 336 million
• Result: Over 3,000% increase in Hershey bar abundance.

Compound Annual Growth Rate (CAGR)

• Hershey bar abundance grew at about 3% annually.
• If it continues at this rate, abundance will double every ~25 years.
• The elasticity measure shows that for every 1% population growth, Hershey bar abundance increased by 8%.

Other Examples of Resource Abundance

• Bicycles
• 1910: 1 bike per person
• Today: 17 bikes per person
• Population growth: 1.75 billion to 8 billion
• Bicycles have become 80 times more abundant.
• CAGR: 4% (abundance doubles every 18 years).
• Air Conditioning
• 1952: 1 unit per person
• Today: 43 units per person
• Population growth: Doubled
• Result: 9,000% increase in abundance.

Time Price as a Better Metric

• Measuring in time rather than money provides a clearer picture of resource abundance.
• Example: Food prices in India, China, and the U.S.
• In 1960, it took:
  • U.S.: 1 hour to earn enough for food.
  • India/China: 8 hours.
• Today, it’s about 1.5 hours in India and 18 minutes in China.

Time Inequality vs. Income Inequality

• Everyone has the same 24 hours each day.
• Over time, global time inequality is decreasing, meaning more people have time to pursue creation rather than mere consumption.

Building an Index

• To compare different commodities, an index is created:
• Step 1: Convert money prices to time prices.
• Step 2: Set a base year index (e.g., 1980 = 100).
• Step 3: Compare changes over time.
• Example: Crude oil’s time price fell significantly from 1980 to 1990, indicating greater abundance.

Averaging Percentage Changes

• Geometric averages are used instead of arithmetic averages for accuracy.
• Example: If wheat falls by 50% and corn rises by 50%, the correct calculation yields a 25% decrease in prices overall.

Simon Abundance Index

• Named after economist Julian Simon, the index measures global abundance based on 50 commodities from 1980 to present.
• Findings:
• Time prices fell by 75.2%.
• Population grew by 75.8%.
• Result: Abundance increased by 600%.

The Role of Knowledge

• Resource abundance is driven by knowledge, not just physical materials.
• As population grows, so does the potential for new knowledge and innovation.

The Impact of AI on Abundance

• AI accelerates knowledge discovery and enhances productivity.
• Rather than replacing humans, AI serves as a tool for greater efficiency and innovation.

Conclusion

• Resource abundance increases when population growth is coupled with knowledge expansion.
• Measuring in time prices offers a better understanding of real affordability.
• As time inequality narrows, opportunities for creation increase globally.

Personal Abundance

Welcome back to this lecture. Thank you very much. In this lecture, we’re going to apply the framework at the personal level. We’ll use the equations that we discussed in the previous lecture and take that framework, that set of equations, and apply them to the real world to see what they can tell us about abundance.

The Ultimate Resource

Before diving in, let’s revisit Professor Julian Simon. He wrote The Ultimate Resource, arguing that the ultimate resource is people. Simon’s notable statement:

“The ultimate resource is people—especially skilled, spirited, and hopeful young people endowed with liberty—who will exert their wills and imaginations for their own benefits. And so, inevitably, they will benefit the rest of us as well.”

Key ideas:

• Young people, full of energy and ideas, can produce great benefits if they have liberty.
• George Gilder and Thomas Sowell echo this sentiment, emphasizing that the growth of knowledge differentiates our age from the Stone Age.
• Materials like sand and aluminum have always existed; what we lack without knowledge is the ability to transform them into valuable goods, such as an iPhone.

Economics: A Knowledge-Driven Field

Economics can be defined as:

The study of how human beings create value for one another by discovering and sharing knowledge.

• An economy functions when people agree to trade knowledge and services.
• Value is not inherent in materials; rather, it arises from their arrangement and our knowledge of how to use them.

Historical Perspective

Between 1800 and 2022:

• Population grew from 1 billion to 8 billion.
• Life expectancy increased from 30 years to over 70 years.
• Income per day increased from $2 to $30.

Despite Malthusian predictions of resource scarcity, life expectancy and living standards have improved dramatically.

The Importance of Trade-Offs

Economists often refer to “yabut” (“Yes, but”), emphasizing trade-offs. Rational decision-making involves weighing both costs and benefits.

Understanding Resources

• Resources are not merely atoms; they become valuable when knowledge is applied.
• With knowledge, resources can effectively become infinite.
• The price system acts as an information system, guiding behavior based on supply and demand signals.

Time Prices: A Better Measure

Time price = Money price / Hourly income

• This metric provides a more accurate measure of affordability over time.
• Websites like MeasuringWorth.com provide reliable historical wage data to help calculate time prices.

Example Calculations

Hershey Bars:

• 1900: $0.05 per bar, wages $0.09/hour, time price: 33 minutes.
• 2022: $1.32 per bar, wages $15.72/hour, time price: 5 minutes.
• Result: A 562% increase in Hershey bar abundance.

Bicycles:

• 1910: $11.95 per bike, wages $0.11/hour, time price: 108 hours.
• 2022: $98 per bike, wages $15.72/hour, time price: 6 hours.
• Result: A 1,743% increase in bicycle abundance.

Applying the Framework

Using historical price and wage data, we can calculate abundance multipliers for various goods, showing how many more items one can afford today compared to the past.

Example: Refrigerators

• 1956: $469, wages $2.16/hour, time price: 217 hours.
• 2022: $549, wages $34.76/hour, time price: 15 hours.
• Result: Nearly 14 refrigerators today compared to one in 1956.

Key Economic Insights

• Innovation and knowledge increase abundance, making goods more accessible.
• Price increases must be compared against wage increases to assess true affordability.

The Rule of 70

A quick method to estimate doubling time:

70 / Growth Rate (%) = Years to Double

For example, with a 3% growth rate, doubling time is approximately 23 years.

Comparing Over Time, Not Across People

Jordan Peterson’s advice:

“Compare yourself to who you were yesterday, not to who someone else is today.”

Looking at life across generations, rather than comparing oneself to peers, fosters gratitude and perspective.

Conclusion

In this lecture, we applied the time price framework to personal abundance, demonstrating:

• Historical data confirms increasing prosperity.
• Time prices offer a powerful tool for understanding economic progress.
• Abundance results from the accumulation and sharing of knowledge.

Thank you for attending this lecture.