The History of Light

In the matter of a few centuries, economic growth has transformed the human condition from one of subsistence to one of relative abundance. We are fortunate enough to live in an advanced economy that has enjoyed a long history of growth. So how far have we come exactly? Listen to the following Planet Money podcast, "The History of Light," to hear the story of how innovation and invention have made light so abundant in our everyday lives that we now often take it for granted. Did you know that people used to burn fish and birds as candles just to light their homes at night?

NPR — Episode 534: The History of Light

Assignment

Listen to the Planet Money podcast titled "The History of Light" and then respond to the following questions. The word counts provided are guidelines — you're welcome to use more words, but if you use fewer you risk not answering in sufficient detail to receive full credit.

Type your responses in a word processing platform like Word or Pages and save your submission as a PDF file. Turn in your response to the assignment folder by the due date for full credit.

1. It's difficult to talk about the long-run impact of growth over generations (and indeed civilizations) because it is difficult to compare prices across that much time. What is the measure that Professor Nordhaus used to overcome this difficulty? (100 words)
2. We cannot dispute the importance of the light bulb that Edison invented, but one point raised in this podcast is that it takes a whole financial and economic infrastructure to implement such a bold and radical change. With that in mind, explain the statement that "finance built the power plant that made electric lights possible." (150 words)
3. This story is just one example of how things get more efficient and less expensive over time. Pick a technology and profile its evolution over the years (e.g. power, communication, travel). Explain how innovations in this technology have benefited society and helped us make use of our scarce resources. (250 words)