Quotation of the Day…

by Don Boudreaux on March 11, 2014

in Growth, Seen and Unseen, Standard of Living

… is from page 52 of 2006 Nobel laureate Edmund Phelps’s 2013 book, Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change:

For us, even now in the twenty-first century, we can still be appalled by the filthiness and suffocating pollution in the fast-growing cities of the modern economies arising in the 19th century.  But we forget to appreciate what it meant for people to escape from the wages of medieval times to incomes two or three times the medieval level, as most people in Britain, America, France, and the German lands came to enjoy in the 19th century.

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