The change in our standard of living

by Russ Roberts on December 6, 2007

in Standard of Living

My next book, The Price of Everything, is about the transformation of our standard of living and wealth creation. The widespread improvement in the quality of life that comes from the creation of wealth is hard to quantify, Is the average person today five times richer than in 1900? Ten times? Thirty? In many ways, qualitative measures are more effective at conveying the improvement—the increase in access to luxury goods by the masses, changes in life expectancy, the reduction in the dangers of the workplace as we’ve moved from an agricultural economy to a service economy.

This old post from Coyote Blog that I stumbled on recently says it beautifully and it has a picture worth a few thousand words.

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