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by silverquiet
801 days ago
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> when the U.S. was enjoying extreme wealth growth right off WWII So I don't really believe in economics anymore, but wouldn't they say that we are actually much wealthier per capita and more much productive than we were back then? |
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Wealthier (higher QoL, longer life expectancy etc) and more much productive, yes. However, affordability is lower precisely because everyone is more wealthy, so they demand more compensation (incentive to work), so every person has to now earn even more to afford to pay someone else more.
Globalization has put an upward pressure on wealth globally and has a deflating impact on affordability, which is in contrast to the unique position the U.S. was in allowing its citizens to enjoy extreme wealth growth right off WWII.
So yes, people are wealthier and more much productive, but they can afford less because everyone else are wealthier and more much productive as well and can compete for the same resources better than they were able to before (it's not that exciting to be a millionaire if everyone is also a millionaire).