Milton Friedman on the essence of the Age of the Worker
13 Jun 2015 Leave a comment
in applied price theory, applied welfare economics, economic growth, economic history, health and safety, income redistribution, industrial organisation, labour economics, labour supply, macroeconomics, Milton Friedman, occupational choice, politics - Australia, politics - New Zealand, politics - USA, Public Choice, rentseeking, unions Tags: competition and monopoly, The Great Enrichment, union power, union wage premium
Have the mass kidnappings extended to Oxfam and other principled ODA activists?
11 Jun 2015 Leave a comment
in applied welfare economics, development economics, economic history, growth disasters, growth miracles, politics - Australia, politics - New Zealand, politics - USA Tags: extreme poverty, global poverty, Left-wing hypocrisy, The Great Enrichment, The Great Escape, The Great Fact
Oxfam and other ODA activists should be dancing in the streets to celebrate the doubling of global median income in the last 10 years.
This is awesome news!!
Global median income has doubled(!) over the last 10 yearsNew paper: bit.ly/1JRwv90 http://t.co/4cq6x5pXpu—
Max Roser (@MaxCRoser) May 17, 2015
The only reason for them not doing this as they must have been kidnapped en mass.
Staggering #inequality: Top 1% will own 50% of world's wealth by 2016. Help us to #EvenItUp! http://t.co/NcNOqVcTgS—
Oxfam International (@Oxfam) March 20, 2015
We can only hope for their safe release.
Securing a just world means challenging the power of the 1% say civil society groups #WSF2015 oxf.am/ZfkL http://t.co/r2S0lkBoC2—
Oxfam New Zealand (@oxfamnz) March 23, 2015
Lower prices for oil/other commodities have intensified the slowdown in dev'ing countries wrld.bg/O9hq8 #GEP http://t.co/2IsmedNmgW—
World Bank Pubs (@WBPubs) June 11, 2015
Composition of the bottom 40% of the population in #LAC countries: wrld.bg/NkKZP #sharedprosperity http://t.co/MdublHSp59—
World Bank Pubs (@WBPubs) June 09, 2015
The extreme poor live in conflict & rural areas: wrld.bg/Nynge #endpoverty http://t.co/43HDDI11JR—
World Bank (@WorldBank) May 31, 2015
The rapid rise of the middle-class in developing countries
08 Jun 2015 Leave a comment
in development economics, growth miracles Tags: China, India, The Great Enrichment, The Great Fact
Creative destruction in digital devices
01 Jun 2015 Leave a comment
in economics of media and culture, entrepreneurship, industrial organisation, survivor principle, technological progress Tags: cell phones, creative destruction, entrepreneurial alertness, PCs, smart phones, The Great Enrichment
1993 vs 2013: http://t.co/tdnNqmRmcS—
History Pics (@HistoryPixs) January 08, 2014
The Great Fact in one chart
01 Jun 2015 Leave a comment
in development economics, growth disasters, growth miracles Tags: extreme poverty, global poverty, The Great Enrichment, The Great Fact
Mises on the Great Fact
29 May 2015 Leave a comment
in Austrian economics, comparative institutional analysis, economic history, Ludwig von Mises Tags: capitalism and freedom, The Great Enrichment, The Great Escape, The Great Fact
Everyone is much better off than 40 years ago
19 May 2015 Leave a comment
in applied welfare economics, economic history, labour economics, poverty and inequality Tags: middle class stagnation, The Great Enrichment, top 1%, wage stagnation
The price of 1GB Hard Drive since 1950
14 May 2015 Leave a comment
From 10 Million Dollar to 9 cents!
The price of 1GB Hard Drive since 1950(Source: bit.ly/1E4xzDD) http://t.co/vGjX6NJylM—
Max Roser (@MaxCRoser) April 23, 2015
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
Utopia, you are standing in it! 
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