This specific illustration, which delves into the connection between expanding economic prosperity and environmental deterioration, left a lasting impression on me. As citizens of a nation, the concept of doing whatever it takes to earn a living and ensure survival inevitably comes to the forefront. During the 18th and 19th centuries, survival for many people hinged on securing a daily income, with fishermen relying exclusively on catching fish for their livelihoods. As more competitors entered the fishing industry, the number of boats and fishermen increased, intensifying the demand for and capture of fish. This was all in pursuit of individual economic growth, which, in turn, contributed to the nation's overall economic progress. Regrettably, what these fishermen did not anticipate were the profound repercussions of their actions on the environment, fish populations, and the aquatic ecosystem. The Grand Banks cod fishery incident, now infamous as one of the most devastating ecological disasters of its era, serves as a poignant example. Consequently, this case underscores a compelling and unmistakable positive correlation between the pursuit of economic growth and environmental degradation.

While we still have access to natural resources, their availability is diminishing as we consume them increasingly. Simon's argument about rising prices due to the growing scarcity of these valuable natural resources seems reasonable, as a decrease in supply and an increase in demand typically drive up prices. However, it's worth noting that the 10-year timeframe may not provide a sufficiently long period to establish a clear correlation between resource scarcity and inflation. On the contrary, it was also mentioned that over the past two centuries, mineral resources have exhibited price stability, with no significant fluctuations. This suggests that the supply of these resources remains ample, and demand might not be exceptionally high, possibly due to their abundance.

Link to article:https://www.investopedia.com/ask/answers/032415/what-are-some-ways-economic-growth-can-be-achieved.asp This article is from investopedia talks about the factors of economic growth and development in a country. Essentially, they say that there is not only one thing that contributes to growth. And that one theory will never fully explain economic development. One unique take they use is "Economic growth often is driven by consumer spending and business investment". Their explanation is that in the United States, economic growth often is driven by consumer spending and business investment. If consumers are buying homes, for example, home builders, contractors, and construction workers will experience economic growth. Businesses also drive the economy when they hire workers, raise wages, and invest in growing their businesses. A company that buys a new manufacturing plant or invests in new technologies creates jobs and spending, which leads to growth in the economy.

In essence, they argue that the key to understanding why some nations prosper while others suffer in poverty is not just an economic issue but a political one. They contend that the way political institutions are structured and the decisions made by those in political power have a profound impact on a nation's economic and social outcomes. This perspective challenges traditional economic theories and underscores the importance of political analysis in explaining the disparities in the world's prosperity and well-being. Examples of theories that attempt to explain economic growth or shrinking is the geography of the country. Another one that has been through much review and change is the argument that culture is the main factor that determines a country's economic well being

Article Link: https://www.princeton.edu/~ceps/workingpapers/213spears.pdf

The article discusses the relationship between poverty and behavioral tendencies, specifically focusing on the impact of poverty on impulsive or impatient behavior. The study employs a randomized lab experiment, a partially randomized field experiment conducted in India, and analysis of the American Time Use Survey.

Behavioral Control and Poverty: The study demonstrates that poverty is connected to a decrease in behavioral control. This means that individuals experiencing poverty might struggle more with making deliberate and rational decisions.

This directly correlates to the inquiry question because it essentially shows how poverty affects someone's decision making, which in this case is their spending behaviour. According to the text, people who live in poverty often lack the ability to make logical and systematic decisions. Instead they turn to approximation, meaning that they estimate and make guesses which leads to poor economic decisions and spending decisions.

Highlights the importance of the psychology of decision making and its impact on society

This is true for all people, though sometimes less obvious

a big flaw of resorting to automatic thinking

This reflects the same ideas talked about in the video as well as in class. The example discussed in class was that if a highschool student has a test, IASAS, and other problems, it is likely for them to make a poor decision. This is of course no where near as extreme as the situation people in poverty must live in. They have way more to worry about and resort to automatic decision making.