What happened when the rich got richer under capitalism?

ICT diffusion has been rapid in the last 15 years

digital technology diffusion

HT: Digitopoly | Limits to broadband diffusion?

..

Still further evidence of the rise and rise of the working rich

Down and out in Australia ain’t what it used to be

The speed of economic development in Dubai

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Robert Lucas on the irrelevance of income redistribution to the Great Enrichment

Robert Lucas limitless potential of increasing production

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Hillary’s first TV

Causes of death 1900 and 2010

Everyone is at least 40% better off than 30 years ago and poverty has not increased

via A Guide to Statistics on Historical Trends in Income Inequality — Center on Budget and Policy Priorities.

Behold, the first mobile phone

first mobile phone

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The first home computer

https://twitter.com/EpicHistoryPics/status/582004064663314435

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What matters for your income is your country not your class

Behold, the first pocket computer

the first pocket computer

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The Great Enrichment – cost of household appliances version

we find that people at all income levels now have access to many more material possessions than they did in the 1980s. Moreover, there has been a narrowing of the gap between high and low-income classes in terms of ownership of these items.

It is hard to argue against the improvement in the standard of living that has accompanied these trends. Hence, the standard narrative that rising income inequality has somehow hurt the middle and lower-income classes is not supported by data.

time cost of appliances over time since 1959

HT: When it comes to the affordability of common household goods, the rich and the poor are both getting richer » AEI | Carpe Diem Blog » AEIdeas.

The share of income spent on food has plummeted in the US

via 26 charts and maps that show the world is getting much, much better – Vox.

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