You definitely have a good and important point. I think in the short term (a few centuries out), you’re right that more people will not just increase total welfare but also increase average welfare (… at least under some reasonable conditions).
However, long term it seems like one would expect to eventually hit Malthus-like issues. There’s presumably diminishing returns to everything, including labor and ingenuity.
You definitely have a good and important point. I think in the short term (a few centuries out), you’re right that more people will not just increase total welfare but also increase average welfare (… at least under some reasonable conditions).
However, long term it seems like one would expect to eventually hit Malthus-like issues. There’s presumably diminishing returns to everything, including labor and ingenuity.