Trading, forecasting, aggregating, and innovating—referred to from here on out as the Four—are activities that people have engaged in since the beginning of humanity. They are part of the human fabric because they stem from mankind’s peculiarities—heterogeneity, inclination to forecast, sociality, and inventiveness. The Four are key social interactions in human life at both the individual and aggregate levels.
In 2022, the value of worldwide global exports amounted to approximately $25 trillion at the current price. Most humans live together in urban areas, while an even larger share belongs to social groups such as families and firms. Virtually everyone must deal with forecasts and innovations (in the role of consumer, saver, voter, taxpayer, worker, and tenant). In a nutshell, the Four
2023-11-10
Four Economic Activities and the Wealth of Nations
