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I agree with you but it's very hard for people to snap out of the idea that "society is getting richer". It took a long time for me to realize that growth had
by internaut 10y ago
I agree with you but it's very hard for people to snap out of the idea that "society is getting richer".
It took a long time for me to realize that growth had stalled for decades because I was looking at growth as measured in fiat and took for granted that the stock market returned 10% per year like clockwork.
What would one expect to see if real growth ex computation had stalled or slowed? What would be the symptoms?
People's lay intuitions are, I think, correct. More 'sophisticated' types have been misled. Some kinds of errors can only be reached by analysis.
http://media.salon.com/1997/03/pravda970310.gif http://media.salon.com/1997/03/pravda970310.gif
- tomp 10y agoHm... if anything, real growth is continuing faster than before - it's just that we often don't feel it so much any more! Clothes are insanely cheap, but we want designer stuff. Phones became supercomputers, but we want the newest iPhone with the best camera! We have exotic fruits from all over the world, but they're sooo expensive! The problem is that these are the little things, and while they often make our lives better, they don't matter that much - definitely much less than child-care costs, education costs (and accessiblity), housing/rents, jobs/careers and healthcare. Unfortunately, these cannot be improved by globalisation and the free market, but instead often have their prices set by the highest bidder, which keeps getting richer because of rising inequality.