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$45 billion in 1913 would be $1,179 billion today purely through inflation. Money that's available right now can be invested to make life better in the long run
by Mirioron 7y ago
$45 billion in 1913 would be $1,179 billion today purely through inflation. Money that's available right now can be invested to make life better in the long run. That's why governments usually borrow money.
I think it's not that straightforward of a situation.
- Retric 7y agoInflation does not represent an increase in value. Otherwise Zimbabwe would have turned into the world’s richest country. Further there is a weak link between resource extraction an long term economic growth. It requires a huge investment in resources and education that becomes worthless after the resource runs out. Just look at West Virginia to see the long term boons from coal mining.
- Mirioron 7y ago>Just look at West Virginia to see the long term boons from coal mining I don't understand what you're getting at. Compare the life of an average person in West Virginia today to the average person in West Virginia before coal mining and the person today is immensely better off. Technological improvements are the payoffs from investment.
- Retric 7y agoTechnology has increased standards of living everywhere, that’s independent of coal mining because the technology was developed globally. West Virginia however has fallen behind the economic development of other states without coal.