Prosperity, Inequality, and Planetary Limits Overview

Gross Domestic Product (GDP)

Market value of final goods/services in an economy.

GDP per capita

Average income per person in a country.

Disposable income

Total income minus taxes plus government transfers.

Climate change

Long-term alteration of temperature and typical weather.

Capitalocene

Era highlighting capitalism's role in climate change.

Anthropocene

Current geological age influenced by human activity.

Hockey-stick growth

Rapid GDP per capita growth represented graphically.

Industrial Revolution

Period of significant technological advancement and innovation.

Malthus' model

Theory linking population growth to food production limits.

Production function

Relationship between inputs and outputs in production.

Diminishing average product of labour

Decreasing output per worker with more workers added.

Equilibrium in Malthusian model

Stable population and income levels without external changes.

Capitalism

Economic system based on private ownership and markets.

Capitalist institutions

Rules regulating economic interactions and market operations.

Developmental state

Government plays a key role in economic development.

Natural experiment

External event used to assess economic impacts.

Counterfactual event

Hypothetical scenario without a specific change occurring.

Varieties of capitalism

Different forms of capitalism based on institutional frameworks.

Colonization

Process of establishing control over foreign territories.

Biosphere

Collection of all life forms on Earth.

Economic growth

Increase in the production of goods and services.

Income inequality

Disparity in income distribution among individuals or groups.

Technological progress

Advancements in technology leading to increased efficiency.

Specialization

Focus on specific tasks to improve productivity.

Environmental regulation

Government rules to limit environmental damage.

Biodiversity indicator value

Measure of biological diversity in an ecosystem.

Income distribution

How income is shared among a population.

Living standards

Quality of life measured by income and resources.

Economic divergence

Growing differences in economic performance across regions.