The crazy mixed up priorities of climate alarmists-in-chief
12 May 2015 Leave a comment
in development economics, environmental economics, environmentalism, global warming, growth disasters, growth miracles, health economics Tags: climate alarmism, doomsday prophets, The Great Enrichment, The Great Escape, The Great Fact, Twitter left
Leaving the Left Exposed. James Hansen: dld.bz/dBnyq http://t.co/ZQsKSJxlr1—
The Left, Exposed (@leftexposed) April 23, 2015
Would you step into a time machine to go back to the 70s glory days?
11 May 2015 2 Comments
in applied welfare economics, economic history, population economics, technological progress Tags: good old days, middle class stagnation, The Great Enrichment, time machine, wage stagnation
Apparently, we are not a cent better off compared to the 70s because all the income gains, every single cent, went into the pockets of the top 10%, if Senator Warren is to be believed in her recent Washington post op-ed.
If you’re willing to put your money where your grumpy socialist mouth is, you would step into a time machine to go back to the 70s because that would make you wealthier.
A way to grasp the conceptual difficulties of measuring changes in living standards and life expectancies across the decades is to step into Brad De Long’s time machine.
In this thought experiment, De Long asks how much you would want in additional income to agree to go back in time to a specific year. De Long was an economic historian examining the differences in American living standards since 1900.
Of course, to work how much you would want be paid (or were willing to pay to go back to the Senator Warren’s better times in the 1970), if you used a less biased estimate of price inflation, the answer is steady increases in incomes for the last 25 years so you would want to be paid.
Senator Warren’s linked article actually confirms the same results. For after-tax incomes, everybody is noticeably richer than 30 years ago, especially if you’re a woman.
Senior citizen socialists should take care and think deeply about entering that time machine. It might mean instant death for them because of higher life expectancy is now as compared to the 1970s.
When you do step into that time machine be very picky about what part of the USA you go to if you like air conditioning. There wasn’t as much air conditioning in homes in the 1970s as compared to day, especially if you were poor.
Another thing is, don’t expect to take that many trips. Air travel was not as common in the 70s. Airline deregulation was at the very end of the 1970s.
To add to your boredom in your spare time, your chances of owning a car was a lot less back then than now despite Senator Warren’s assurance that there has been no income growth for the bottom 90% in the last 30 to 40 years. She said that, not me.
As for lifting yourself up in life, and living the American dream, which was the title of Senator Warren’s op-ed? You were much more likely to not go to college back in the glory days of the 70s than now, especially if you were poor.
The most curious anomaly in Senator Warren’s arguments is that many consumer goods are fallen rapidly in price over the last 40 years, but people are somehow unable to buy them from the same fixed income.
via America’s Growing Income Gap, by the Numbers – ProPublica and U.S. Wages Are Historically Great, Or They’re Awful. It Depends on Your Preferred Inflation Measure – Real Time Economics – WSJ.
Organic farming is a rebranding of pre-industrial revolution agriculture
09 May 2015 Leave a comment
in economics of information, economics of media and culture, economics of regulation, health economics, technological progress Tags: agricultural economics, consumer fraud, industrial revolution, organic farming, quackery, The Great Enrichment, The Great Escape
Delivering a computer – 1957 and now
09 May 2015 Leave a comment
1957: 13 men delivering a computer.
2017: a person may wear 13 computing devices http://t.co/ORE45mw5x0—
Vala Afshar (@ValaAfshar) January 11, 2015
How does the consumer price index cope with the Great Enrichment?
08 May 2015 1 Comment
in entrepreneurship, technological progress Tags: creative destruction, entrepreneurial alertness, living standards, mismeasurement of prosperity, Moore's law, The Great Enrichment, The Great Fact
The price of air conditioning in the good old days
08 May 2015 Leave a comment
in economic history, technological progress Tags: good old days, living standards, The Great Enrichment
TEENS REACT TO 90s INTERNET
04 May 2015 Leave a comment
in technological progress Tags: The Great Enrichment
Poverty under capitalism
03 May 2015 Leave a comment
in applied welfare economics, development economics, economic history, growth disasters, growth miracles Tags: capitalism and freedom, The Great Enrichment, The Great Escape, The Great Fact
Behold: The most important economic chart in Western civilization. ow.ly/Moa2h @JimPethokoukis http://t.co/s1lzl1HLb9—
(@AEI) May 01, 2015
The mass kidnapping of Occupy activists has extended to New Zealand
01 May 2015 Leave a comment
in applied welfare economics, labour economics, poverty and inequality Tags: capitalism and freedom, Left-wing hypocrisy, mass kidnappings, Occupy Wall Street, The Great Enrichment, top 1%
Mass kidnappings is the only reason why the Occupy activists are not dancing seen in the streets to celebrate the steady fall of poverty in New Zealand over the last 20 years but for the hick-up of the GFC.
New consumer good diffusion rates are rising rapidly
30 Apr 2015 Leave a comment
in economic history, entrepreneurship, technological progress Tags: creative destruction, entrepreneurial alertness, technology diffusion, The Great Enrichment
via The 100-Year March of Technology in 1 Graph – The Atlantic and Guess What’s the Fastest-Adopted Gadget of the Last 50 Years – The Atlantic..
What happened when the rich got richer under capitalism?
23 Apr 2015 Leave a comment
in economic history Tags: Deirdre McCloskey, poverty and inequality, The Great Enrichment, The Great Fact, top 1%
ICT diffusion has been rapid in the last 15 years
21 Apr 2015 Leave a comment
in technological progress Tags: creative destruction, technology diffusion, The Great Enrichment
Still further evidence of the rise and rise of the working rich
21 Apr 2015 Leave a comment
in applied price theory, entrepreneurship, income redistribution, industrial organisation, survivor principle Tags: capitalism and freedom, entrepreneurial alertness, The Great Enrichment, top 1%, working rich
Utopia, you are standing in it! 
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