Posted by
alaskajohn5 on Friday, September 01, 2006 12:03:28 AM
http://cafehayek.typepad.com/hayek/2006/08/were_much_wealt.html
I ran across a great post by Don Boudreaux at the above blog. He
discusses another in the interminable cavalcade of NY Times editorials
"proving" that people are poorer now on average than we were in
1967. Being of my current advanced age, I recall fairly well what
life was actually like back then. Boudreaux concludes that he would
rather have the median 1967 income [$35K or so] today than
today's median income [$46K] then. In 1967, I was a grad student
renting a room on the 4th floor of a rooming house in East Lansing, MI.
Obviously, a grad student on fellowship has a low income. I had
no car, travelling by bike. I also had no air conditioning, which
led me to wander down to the airconditioned police station to study in
the cooled waiting room. Only a handful of the newest apartment
buildings in East Lansing had airconditioning. Consider also the
medical care available today, and the electronics. Life today in
material terms is way richer than 38 years ago.