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No, the article says the global economy is valued at $10 quintillion. This is someone taking the "if someone's willing to buy an apple for $100 and I have a bi
by jakewins 4y ago
No, the article says the global economy is valued at $10 quintillion.
This is someone taking the "if someone's willing to buy an apple for $100 and I have a billion apples, then my apples must be worth $100 billion"-crypto math to space.
- scotty79 4y agoDon't think in terms of money. Let's say it's made of just iron. What they are saying is that there's not only more iron there than we use in Earth's economy but if we priced this additional iron at current prices that additional iron would be worth more than everything else we do here on this planet economically.
- jakewins 4y agoMy issue was specifically the article valuing it in terms of money, incorrectly. “if we take all this iron and we multiply it marginal price of iron we get a large number!” If you want the worth of something you do the integral of the demand curve, not the marginal price times your volume for sale. This is the point of my apple example; once you’ve sold the first of your billion apples, the next apple you sell will earn you slightly less, until either your supply or the demand curve runs out.