Historical human existence has predominantly revolved around poverty, with only a small fraction of humanity experiencing higher living standards. Technological advancements are crucial for moving beyond mere subsistence; without tools and their continuous improvement, societies risk stagnation. Human evolution, including physical adaptations like bipedalism and opposable thumbs, provides advantages, yet they are insufficient for significant progress without the development of technology. The analogy of a man plowing behind a horse exemplifies the limited opportunities for advancement prior to technological innovations. The concept of economic development is further illustrated in humor, highlighting that recognizing higher social status or success often comes down to tangible evidence of prosperity.
The universe, points out economist Noah Smith, is always trying to kill us, whether through asteroids hurtling through space or our every-few-hours hunger pains. Why, then, should we expect anything but a gravitational pull toward poverty? Listen as Smith explains to EconTalk's Russ Roberts why he believes that poverty will always be our "elemental foe," and how what he calls "industrial modernity" is key to keeping poverty at bay. They also discuss Smith's impatience with the "degrowth movement," which he thinks jeopardizes our gains in the fight against the elemental foe.