This is an overly simplistic interpretation of human beings. Our life satisfaction is partially dependent on our perceived social status, so increased inequali

This is an overly simplistic interpretation of human beings. Our life satisfaction is partially dependent on our perceived social status, so increased inequality can indeed weaken quality of life. Comparing quality of life today to quality of life in 1928 (or any other time) is not a simple exercise, there are a lot of variables to take into consideration. Philosophy is really subject you need to study to understand this. On quality of life, economics is very superficial and unsophisticated (and honest economists have always admitted as much). If you'd like to know more take a course in philosophy (or listen to the Philosophize This podcast)