HispanicPundit + standardofliving   120

Greg Mankiw's Blog: What changed?
I would give most credit to economic growth, which in turn is driven by technological progress, a market system, and a culture of entrepreneurship. As the economy grows, the demand for labor grows, and workers achieve better wages and working conditions.
economic-growth  unions  middleclass  standardofliving  mankiw  myths 
june 2019 by HispanicPundit
Automation and trade, Scott Sumner | EconLog | Library of Economics and Liberty
Trade and automation are largely responsible in the rising living standards for average Americans over the past 50 years. (And yes they are rising; another myth is that they are not.) As I drive down the highway, 95% of the cars I pass are luxury cars, or more precisely cars that would have been viewed as luxury cars in 1966. Automation has made that possible. In another 50 years, lower middle class Americans will drive cars that are better than BMW 700 series cars, or perhaps I should say "riding in" cars that good--I have no idea if they'll be driving them.
free-trade  automation  standardofliving  sumner 
december 2016 by HispanicPundit
CONVERSABLE ECONOMIST: GDP and Social Welfare in the Long Run
Here, let's do a quick review of the evidence on long-term correlations between economic growth and other measures of well-being, and then return to a discussion of correlation and causation between these factors.
GDP  economic-growth  standardofliving  timtaylor 
april 2015 by HispanicPundit
Map: Do you earn enough to afford the median rental in your city? - Vox
That's why it's instructive to look at places like Greater Austin and the Twin Cities. These are fairly affluent areas, with highly educated populations and high wages. But they don't have the combination of land scarcity and strict zoning that make housing units so scarce in coastal California and the Northeast Corridor. And that makes a big difference. $32.66 is enough to afford the median rental in the Austin area and $30.16 is enough for Minneapolis — a little bit less than the median earnings of an American household with two full-time workers. In other words, affluent places where it's easy to build have rents 30 percent cheaper (or more) than hard-to-build cities like New York and San Francisco.
wages  standardofliving  real-estate  environmentalism  yglesias  california 
december 2014 by HispanicPundit
Pittsburgh: The most affordable city in the world?
Methodological quibbles aside, I think this at least gives you a decent approximation. Its 10 most affordable cities of Pittsburgh, Detroit, Atlanta, Cleveland, St. Louis, Kansas City, Dallas, Minneapolis, Houston, and Charlotte, N.C., are among the most affordable cities in America. Conversely, Hong Kong and San Francisco are very expensive. The policy bottom line is that "the affordable markets are generally characterized by liberal land use regulation"—by which the authors mean "liberal" as in "not too strict" rather than "liberal" as in "left-wing."
standardofliving  middleclass  real-estate  wages  environmentalism  yglesias 
january 2014 by HispanicPundit
Evolution's Next Stage | DiscoverMagazine.com
“As it turns out,” Fogel recounts, “most slaves, especially those on smaller plantations, were fed better and lived in better conditions than freemen in the North. This meant they lived longer, healthier lives and thus produced more work. Certainly, it’s an odious conclusion, but it’s right there in the data.” Then around 1988 Fogel began to notice a startling trend in the data: Over the past few centuries, but predominantly in the 20th century, Americans have been growing taller. They have also been getting thicker, living longer, and getting richer.
history  standardofliving  capitalism  Fogel  discovermagazine  blacks  slavery  evolution 
september 2013 by HispanicPundit
Youth educational attainment reaches all time high.
So good for us. This brings a more precise datapoint to bear on an argument I made last year about why I don't agree with people who say we've had stagnating living standards for the past 40 years. Stagnationism used to be very prominent on the left, but since Barack Obama's inauguration I've increasingly heard it from the right as well. And it's true that published inflation-adjusted wage and income series appear to show substantial stagnation. But if you look at actual quantities consumed it's very hard to see where this stagnation is happening. Compared to 1973 or 1983, we live in bigger houses today. We have more gadgets and more entertainment options. We take more airplane trips. We eat a wider range of foods. We have at least as much clothing. Our cars have improved (as has our coffee). And even in the much-criticized health and education sectors, the fact is that we see improvements, not declines. There are illnesses we can treat or cure in 2013 that were untreatable three or...
standardofliving  yglesias  economic-stagnation  sidebar  education 
june 2013 by HispanicPundit
Andriana Bellou shows Internet access promotes marriage.
I have a short thing about online dating in Wired's 20th Anniversary Issue—I take a personal interest in the subject because that's how I met my wife. So speaking from personal experience, I would say that this is an underrated benefit of recent technological innovation. It has become somewhat fashionable to dismiss the web and digital communication as not all that significant in economic terms. But if you dial back to 1993, you'd find that the U.S. was already a land of material abundance by any realistic standard. Innovations that have helped us build and maintain richer connections with other people are in fact extremely valuable relative to that baseline. We see more marriages, more people forming communities of interest, people keeping in closer touch with old friends, more engagement in politics and civil affairs, and all kinds of other good stuff. I hope more people will pursue Bellou's line of research here.
standardofliving  yglesias  economic-stagnation  sidebar  marriage  innovation 
may 2013 by HispanicPundit
National Low Income Housing Coalition report shows lack of affordable rental housing (MAP).
At any rate, I wouldn't get too bogged down in the details here, but one broad pattern that emerges is a fairly damning portrait of liberal state governance in action. More liberal states typically have higher minimum wages, but it's not generally the case that liberal states have a better housing affordability picture for low-wage workers. The least-affordable states—New York, New Jersey, Maryland, D.C., California, Massachusetts, Delaware, Virginia, Connecticut, New Hampshire—are a very disproportionately blue bunch. And the problem is that the impact of high regulatory minimum wages in many of these states is swamped by the impact of excessive restrictions on housing supply.
standardofliving  minimum-wage  regulations  yglesias  sidebar  real-estate  wages 
march 2013 by HispanicPundit
The Future: Back to the Past
So let’s ask: how long did a typical American worker have to toil in 1956 to buy a particular sort of good compared to how long a similarly typical American worker today must toil to buy that same (or similar) sort of good? Here are four familiar items: refrigerator-freezers; kitchen ranges; televisions; and automatic washers.
middleclass  brentonwoods  history  wages  standardofliving  boudreaux  sidebar 
november 2012 by HispanicPundit
‘How Much Is Enough?’ by Robert Skidelsky and Edward Skidelsky - NYTimes.com
The Skidelskys have an exalted conception of leisure. They say that the true sense of the word is “activity without extrinsic end”: “The sculptor engrossed in cutting marble, the teacher intent on imparting a difficult idea, the musician struggling with a score, a scientist exploring the mysteries of space and time — such people have no other aim than to do what they are doing well.” That isn’t true. Most of these people are ambitious achievers who seek recognition. And it is ridiculous to think that if people worked just 15 or 20 hours a week, they would use their leisure to cut marble or struggle with a musical score. If they lacked consumer products and services to fill up their time they would brawl, steal, overeat, drink and sleep late. English aristocrats in their heyday didn’t work, but neither did they cut marble or explore the mysteries of space and time. Hunting, gambling and seduction were their preferred leisure activities.
England  sidebar  newyorktimes  posner  standardofliving  keynes  leisure 
august 2012 by HispanicPundit
The Numbers Racket at Steven Landsburg | The Big Questions: Tackling the Problems of Philosophy with Ideas from Mathematics, Economics, and Physics
Imagine a farmer with a few 100-pound goats and a bunch of 1000-pound cows. His median animal weighs 1000 pounds. A few years later, he’s acquired a whole lot more goats, all of which have grown to 200 pounds, while his cows have all grown to 2000. Now his median animal weighs 200 pounds.

That’s exactly what’s happened with median incomes. Each demographic group has progressed, but at the same time, there’s been a great influx of lower income groups — women and nonwhites — into the workforce. This creates the illusion that nobody’s progressing when in fact everybody’s progressing.

So let’s correct for that. Suppose the 1980 workforce had looked demographically just like today’s, with each group earning the incomes that were typical for that group in 1980. Then it turns out that the overall median income in 1980 would have been $19,600. Today’s $25,700 represents a 31% increase over that corrected figure. That 31% is for most purposes a far more meaningful number than the oft-quoted
sidebar  landsburg  standardofliving  economic-stagnation  wages  inequality 
august 2012 by HispanicPundit
Steve Sailer's iSteve Blog: Absolute Nuclear Families
This Anglo-Saxon absolute nuclear family structure is conducive to the highest levels of personal freedom and individualism. But, it requires a lot of land and wealth to expect your sons to be able to afford houses of their own when they find their brides. The Anglo-Saxon nuclear family model where young adults are not under the thumbs of their parents or grandparents or aunt's husband thrives, as Benjamin Franklin pointed out, in underpopulated places with cheap land and high wages, but, as Franklin also noted in the 1750s, it gets undermined by high rates of immigration, which drive up land costs and lower wages. Those who follow the liberty-loving Anglo-Saxon model tend to get outcompeted by groups willing to pile an extended family into one house, as is happening across many of the metropolises of America today.
sidebar  sailer  middleclass  standardofliving  europe  culture  marriage 
july 2012 by HispanicPundit
Economic geography: Moving toward stagnation | The Economist
While the marginal resident of Phoenix and San Jose is assumed to be indifferent between the two cities, however, there is still a real productivity gap. Housing costs across the Sunbelt have to be low to attract workers because wages are low, and wages are low because the productivity of the tradable sector in these cities is relatively low. That alone, however, shouldn't impact the country's ability to create jobs in the tradable sector. Productivity is lower in many Sunbelt cities, but so are wages.
sidebar  economist  yglesias  drum  manufacturing  fundamentals  states  standardofliving  jobs  wages  economic-stagnation 
december 2011 by HispanicPundit
The Myth of the Median Worker, Arnold Kling | EconLog | Library of Economics and Liberty
There is no doubt that people riding a down escalator are sensing a threat to their relative status. However, setting this aside for the moment, I am inclined to give Russ the point that someone lower down in the income distribution has it better today than thirty years ago. The prices that have gone up the most are for private education and non-acute health care, which I would argue are status goods, not necessities. I suspect that if we measure how far a worker's income goes in providing food, clothing, shelter, and basic durable goods, we would see a notable improvement, even for those who have been riding down escalators.
sidebar  economic-stagnation  middleclass  standardofliving  kling 
october 2011 by HispanicPundit
The Top 1 Percent Includes You
Carl Haub, senior demographer at the Population Reference Bureau in Washington, D.C., has estimated that 106 billion humans have been born since Homo sapiens appeared about 50,000 years ago. That means that the richest one percent in history includes 1.06 billion people. There are currently 6.2 billion humans alive, leaving approximately 100 billion who have died. Who among the dead was rich by today's standards? Not many. Royalty, popes, presidents, dictators, large landholders, and the occasional wealthy industrialist, such as Andrew Carnegie and Leland Stanford, were certainly rich. All told, it is difficult to imagine more than 20 million of these people since ancient Egyptian times. This leaves 1.04 billion wealthy alive today, or 17% of the world's population.
poverty  world  inequality  standardofliving  henderson  sidebar 
october 2011 by HispanicPundit
Nothing to Envy — Marginal Revolution
Up until that moment, a part of her had hoped that China would be just as poor as North Korea. She still wanted to believe that her country was the best place in the world. The beliefs she had cherished for a lifetime would be vindicated. But now she couldn’t deny what was staring her plain in the face; dogs in China ate better than doctors in North Korea
korea  communist  standardofliving  books  cowen  sidebar 
september 2011 by HispanicPundit
Stagnating Middle-Class?
In this presentation, I calculate how many hours each non-supervisory worker earning the average nominal hourly wage of such workers had to work in 1975 to buy a variety of ordinary goods, and how many hours each non-supervisory worker earning the average nominal hourly wage of such workers must work in 2011 to buy similar (or, really, in almost every case far superior) or comparable goods.
middleclass  standardofliving  brentonwoods  boudreaux  sidebar 
july 2011 by HispanicPundit
Being Poor and Unemployed is Awful « Modeled Behavior
Losing your job is on par with losing your marriage in terms of life satisfaction. Being poor doesn’t trail far behind. These are tragedies of human suffering and they deserve our attention.
standardofliving  wages  happiness  polls  sidebar  jobs 
july 2011 by HispanicPundit
What Really Matters | ThinkProgress
What you’re seeing here is that being unemployed or being seriously poor is terrible. We ought to be working like crazy to reduce the number of people in that position. Beyond that, the gap between people making over $90k and the middle class is substantial, but it’s nothing compared to the routine decline in life satisfaction associated with getting old. Having a marriage break up appears to be disastrous for your well-being, but it’s not clear to me that there’s a real policy lever here.
jobs  standardofliving  happiness  wages  polls  yglesias  sidebar 
july 2011 by HispanicPundit
Super-Economy: The rich in Europe are poor.
The benefits of the rich, and why they too have a better standard of living in the USA than Europe.
standardofliving  capital  europe  usa  SuperEconomy  sidebar  fundamentals  mobility 
april 2011 by HispanicPundit
Super-Economy: The Economic Performance of Europe and the United States
This despite the fact that Europeans have lower average income, lower median wages and higher unemployment rates. Europeans are more likely to vote with their feet and emigrate to the United States than the opposite. Contrary to popular claims, Europeans have lower self-reported happiness (a measure that I personally don’t believe in) and somewhat higher absolute poverty. Europe has much higher tax rates, but the same tax revenue as the United States.
europe  usa  standardofliving  SuperEconomy  sidebar 
march 2011 by HispanicPundit
Boudreaux to NYT on Brooks on Cowen on The Great Stagnation, Bryan Caplan | EconLog | Library of Economics and Liberty
Think about it this way: If economic statistics arose in medieval times, we would have measured well-being in something like pounds of grain per capita. Around 1900, these ossified medieval statistics would probably have revealed a Great Stagnation - followed, I suspect, by actual decline due to the growing diversity of the American diet.
standardofliving  economic-stagnation  boudreaux  caplan  sidebar 
february 2011 by HispanicPundit
What If We All Were Rich? | John Goodman's Health Policy Blog | NCPA.org
Now consider this. What if we lived in a world where the average family earned more than $200,000? What if almost every family earned more than $200,000? I’ll tell you in a moment why it’s reasonable to speculate this way and why it’s relevant for current public policy. First, I want to consider the implications of almost everybody being rich.
economic-growth  standardofliving  social-security  medicare  taxes  goodman  sidebar 
february 2011 by HispanicPundit
What You Have That George Vanderbilt Didn't, Bryan Caplan | EconLog | Library of Economics and Liberty
"Vanderbilt clearly had it better than most of the people in his era. But the world has improved so much that, all things considered, the average American is now better off than this prince of the Gilded Age. I can't be sure, but I bet that George would have agreed. How much do you think he would have paid to live for a single day in your shoes?"
capitalism  standardofliving  caplan  sidebar 
december 2010 by HispanicPundit
Our Standard of Living, David Henderson | EconLog | Library of Economics and Liberty
"Radio Shack has put its catalogs for 1939 to 2005 on line. They're worth a gander. Choose any date earlier than 10 years ago and you get a feel for just how much our standard of living has increased. The items are generally what we regard as junk--and they're expensive."
standardofliving  henderson  sidebar 
june 2010 by HispanicPundit
Evangelical Agnosticism: Goldman Sachs
Me and Jon debate wage stagnation, leisure, and general standard of living.
wages  standardofliving  leisure  inequality  discussion  Jon  sidebar 
april 2010 by HispanicPundit
Matthew Yglesias » Life in 1901
"In his AAG talk today (PDF), Paul Krugman said that “allowing for the vagaries of purchasing power parity estimates as well as GDP comparisons between very different eras, China today appears to have roughly the same level of per capita GDP as the United States at the beginning of the 20th century” which, combined with that slice of life in 1901, helps put some of this rise of China stuff in perspective. "
standardofliving  china  krugman  yglesias  sidebar 
april 2010 by HispanicPundit
‘Does Wealth Erode Moral Character?’ « The Enterprise Blog
Commentary on the Templeton Foundation's question, "Do Free Markets erode moral character".
capitalism  Socialism  standardofliving  moralissues  culture  reich  aei  sidebar 
march 2010 by HispanicPundit
CARPE DIEM: How Media Misuse Income Data
"The reason for the large discrepancy between growth rate trends in household income and growth rate trends in individual income is very straightforward: The number of persons per household has been declining over the years "
wages  standardofliving  middleclass  Sowell  perry  sidebar 
january 2010 by HispanicPundit
CARPE DIEM: Christmas Shopping for a Laptop: 2000 vs. 2009
"Compared to just nine years ago, you now get can now get more than twice the laptop computer for less than half the price."
standardofliving  perry  sidebar 
december 2009 by HispanicPundit
CARPE DIEM: New Homes Built Today Compared to the 1970s: More Square Footage, Baths, Garages, Central A/C
"A generation ago it was fairly common for new homes to be built with a single garage, single bathroom and no air conditioning, and today those types of new homes have become extinct. What are most common today are new homes with two or more bathrooms, two-car garages or bigger, central airconditiong, and 50% more square footage than new homes in the early 1970s "
standardofliving  perry  sidebar 
december 2009 by HispanicPundit
The Economic Condition of Poor Americans (and the rest of us) Continues to Improve - The Austrian Economists
"The overall lesson is clear: lives for Americans below the poverty line continue to get better in terms of what they are able to put in their households and have to make use of everyday. And do note that the average American household in 2005 was doing much better than its 1971 counterpart. MUCH better - and this doesn't even count medical advances and the like. So whatever one hears about stagnating wages and the like, the bottom line is ultimately what we can afford to buy and have in our households to improve our lives. By those measures, life for the average American is better today than 35 years ago, life for poor Americans is much better than it was 35 years ago, and poor Americans today largely live better than the average American did 35 years ago. Hard to square with a narrative of economic stagnation or decline."
standardofliving  poverty  capitalism  usa  sidebar 
december 2009 by HispanicPundit
The Gender Leisure Gap, Fat Americans and Other Findings - Economix Blog - NYTimes.com
"Americans also spend more time sleeping than every other O.E.C.D. country except France"
europe  labor  standardofliving  usa  economix  sidebar 
may 2009 by HispanicPundit
CARPE DIEM: Car Stereo Theft: A Dying Crime
Because of the rise of good stereos from the manufacturers themselves.
standardofliving  perry  sidebar 
april 2009 by HispanicPundit
A living wage - Megan McArdle
"The successful and educated are disproportionately likely to be represented in all parts of our written and spoken culture, from man on the street interviews to letters to the editor. History really is written by the winners."
history  standardofliving  mcardle  sidebar 
february 2009 by HispanicPundit
CARPE DIEM: How Poor Are America's Poor?
The poor in the United States are really not poor by world standards.
standardofliving  poverty  perry  sidebar 
november 2008 by HispanicPundit
CARPE DIEM: The High Cost of Living vs. The Cost of Living High
"When people today talk about the "high cost of living," they’re usually talking about the "cost of living high", because they're certainly not spending very much on the basics: food, clothing and shelter - that spending is at an all-time low as a percent of disposable personal income."
standardofliving  perry  sidebar 
september 2008 by HispanicPundit
CARPE DIEM: Over 100 Years, Food Prices Have FALLEN By 82%
"Grocery prices in general fell in real price by 82% between 1919 and 2007, measured in the number of hours worked (9.5 to 1.7 hours, another way to adjust for inflation) to purchase a 12-item basket of groceries, according to the Dallas Fed (see graph below)."
standardofliving  perry  sidebar 
august 2008 by HispanicPundit
How Are We Doing? — The American, A Magazine of Ideas
Mike Cox and Richard Alm continue their compelling and straightforward use of data to show that ordinary Americans' standard of living continues to improve.
standardofliving  TheAmerican  sidebar 
july 2008 by HispanicPundit
CARPE DIEM: Misery Index: It's NOTHING Like the 1930s or 1970s
"Notice that today's single-digit Misery Index of 9.7% isn't anywhere near to the double-digit levels througout both the 1930s and the 1970s, with peaks around 20% in both decades. The Misery Index is also lower today than during most of the 1980s".
standardofliving  perry  sidebar 
july 2008 by HispanicPundit
CARPE DIEM: How Are We Doing? Pretty Good Actually!
The American economy is in a rough patch. But the long-term trends are good—and there is a price to economic pessimism.
standardofliving  middleclass  economy  perry  sidebar 
july 2008 by HispanicPundit
CARPE DIEM: How Rich Are You? Even Minimum Wage Workers in the U.S. Are Richer Than 87% of People in World
Another reason not to give money to bums: even the poorest in the United States are the richest in the world.
standardofliving  capitalism  perry  sidebar 
june 2008 by HispanicPundit
CARPE DIEM: $100 Int'l. Phone Call in 1973 Now Costs Only $1.60
"In other words, an international phone call that cost $100 in 1973 now costs only $1.60 (adjusted for inflation), and a call that cost $10 now costs only 16 cents."
standardofliving  perry  sidebar 
april 2008 by HispanicPundit
Back Talk: Absolute Poverty in America
"As you can see, the U.S. economy is easily in the lead, and that has been true even during occasional recessions (approximate recession years are circled in red). This will remain true if the U.S. enters a recession during the current downturn."
poverty  USA  europe  standardofliving  engram  sidebar 
april 2008 by HispanicPundit
CARPE DIEM: Can't We Bury the Middle Class Income Myths?
"A significantly, much, much higher standard of living for the average household member, i.e. the typical member of the middle class!"
standardofliving  economy  inequality  wsj  perry  sidebar 
march 2008 by HispanicPundit
CARPE DIEM: The Age of Milton Friedman:Good Time To Be Alive
The age of Milton Friedman, "The last quarter century has witnessed remarkable progress of mankind."
Friedman  capitalism  Socialism  standardofliving  perry 
march 2008 by HispanicPundit
CARPE DIEM: Being Alive Today in US, You've Won Lottery of Life
"In other words, at the same time that real median household income rose by 29% between the two generations, average real household net worth almost tripled!"
standardofliving  wages  inequality  perry  sidebar 
february 2008 by HispanicPundit
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