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Yep, this is a classic thought experiment that is designed to show you how fantastic markets are at delivering human happiness. The problem is that the same cou

Yep, this is a classic thought experiment that is designed to show you how fantastic markets are at delivering human happiness. The problem is that the same could be said about Russians in 1988 after 70 years of communism. It also ignores the prestige that accrues to those at the top of the pile. Boudreaux says he wouldn't swap with a 1916 Rockerfeller - but would 1916 Rockerfeller want to swap with him? I suspect 1916 Rockerfeller would not want to give up his position in society even for cars with electric windows and wifi.

chickenfries 9y ago
It also relies on this idea of an "average American" and just completely ignores the question of the working class. I think many blue collar workers would actually trade places with Rockerfeller to escape their debts, a life of hard labor, imprisonment, discrimination. https://www.bostonglobe.com/metro/2017/12/11/that-was-typo-the-median-net-worth-black-bostonians-really/ze5kxC1jJelx24M3pugFFN/story.html https://www.bostonglobe.com/metro/2017/12/11/that-was-typo-t...
mjfl 9y ago
> I suspect 1916 Rockerfeller would not want to give up his position in society even for cars with electric windows and wifi. That is a massive assumption and given Rockefeller's personality I think it is very inaccurate to say that he cared about his social rank at all. What makes you think this way?
- johnchristopher 9y ago
  Because in this conversation Rockefeller is the placeholder/poster child for « stereotypical rich person », not the real Rockfeller personnality. Parent's thesis is: status > wealth.
  - deleted 9y ago
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