IMO, the big factor that explains why a minimum-wage worker with a smartphone is impoverished but a 16th century king is not, comes down the psychological burde

IMO, the big factor that explains why a minimum-wage worker with a smartphone is impoverished but a 16th century king is not, comes down the psychological burden of poverty. If you're poor in America you live with constant fear of minor financial catastrophes because they will further constrain your opportunity, perpetuating a downwards spiral. Integrated over time this background anxiety drastically reduces one's subjective quality of life, and also leads to physical health issues down the road. By contrast, if you're a monarch of a medieval European kingdom, you might be dying of syphilis at 43 but with the knowledge that everything possible is being done to save you, and you can call for a roast pheasant or the execution of your meddling cousin on your deathbed. It's completely subjective, and thus very easy to dismiss, but it contributes the "missing term" for me in thinking about this question.