ECON371/UBCO2024WT1/Reflections/Chris/Reflection2

Reflection Two

1. Surprised that most commodity prices stay constant when adjusting to inflation

At first glance, it makes sense that prices move alongside inflation. After all, inflation often causes the price of goods and services to increase, so it almost acts as a veil for the real price of each commodity. In class when you showed the graph of the price of commodities, I was blown away by the fact that they were stable. You mentioned that technology has significantly improved the efficiency of commodity production. For example, advancements oil extraction has allowed for greater yields with fewer resources. It clicked in my head after you mentioned that it makes sense that technology adapts for a price to fluctuate around an equilibrium of supply and demand that is adjusted for inflation. Though from what I remember that graph went back roughly 100 years right when globalizing was starting to ramp up. So, I wonder how prices of commodities that empires and countries were when they had their own relatively closed economy’s. Where they are more volatile since globalization and economies of scale stabilize prices. Just writing this I need to remind myself if there is a history of economics course at UBCO.

2. Rating system for tribalism and how attached we are to cultural or ethnic groups

You mentioned in class and even posted a poll through iClicker about our attachment to cultural, ethnic, or social groups. In modern society I see how it has a double-edged sword. There’s an instinct to identify with a group, which gives us a sense of belonging, protection, and community. However, this same attachment can also cause division, conflict, and exclusion. This attachment is two sides of the same coin, and it got my thinking about the dynamics of it.

Having a support network is deeply tied to human psychology, mine is with my friends and family. I can always look towards them while I’m going through tough times (like exam season), and if someone was to harm them, I would absolutely retaliate. Though I don’t feel the same amount of national pride as maybe an average American would to their country, and my ethnic group would be more accurately described as a European mutt.

Even though the benefits are there, I believe that everyone has their own biases and stereotypes, it is a part of being human. So, viewing other cultures that are unfamiliar than yours negatively does come naturally. I do strongly believe it is important to be aware of this so that it doesn’t linger in the back of your conscience. This same feeling can close your mind to other viewpoints or ways of life so by enabling those thoughts you’ll be doing yourself a disservice.

3. The Future at Peak Oil and Our Ability to Adjust

In class when we talked about peak oil and how oil companies will eventually reach a maximum production rate and then eventually decline. It made me think about how this could play out in two different scenarios. One where we eventually transition to other energy options that could be green energy, or maybe one worse than oil (for the environment). Or we continue to find more efficient uses of oil or ways to recycle the CO2, or more efficient ways to extract it where even with the supply we have, we won’t use a material amount of it. The less optimistic outcome for peak oil is that technology does not advance fast enough to find an alternative by the time oil reserves dry out. I believe the world would look something out of a cyberpunk movie like blade runner. I hope that with the accelerating pace of technology that we will outpace that world.

Prof: Bladerunner eh? I've been reading climate fiction recently, which explores various ways that our global societies could evolved in response to a more volatile climate system. Different authors have different amounts of optimism. All seem to see a 'messy' phase before anything gets better. I guess the plot wouldn't be very interesting without a messy phase though!