This Isn’t News

To those with a good basic econ education, it isn’t news that the world economy continues to grow.  Nevertheless, it is worth remembering and repeating from time to time.  Tyler Cowen:

It may not feel that way right now, but the last 10 years may go down in world history as a big success. … Steady economic growth is an underreported news story — and to our own detriment. As human beings, we are prone to focus on very dramatic, visible events, such as confrontations with political enemies or the personal qualities of leaders, whether good or bad. We turn information about politics and economics into stories of good guys versus bad guys and identify progress with the triumph of the good guys. In the process, it’s easy to neglect the underlying forces that improve life in small, hard-to-observe ways, culminating in important changes.

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  • Robert Wiblin

    Most people apparently think we in the West are only a bit richer than 100 years ago, rather than 5-10 times!

  • josh

    How it feels matters too, no? Also, the American underclass just seems more pathetic than in the past despite the ipods.

    • Millian

      How can the current American underclass possibly seem more “pathetic” than Dust Bowl farmers and the first-generation descendants of slaves? Do you really believe in the dignity of servitude and other reactionary ideas?

      • josh

        I believe in the dignity of work. If one is going to be a ward of the anyone, I seriously doubt it is beneficial for their psyche to be idle.

      • josh

        I should also point out that I didn’t say, “the post pathetic of anyone ever.”

    • Modern poor people in USA are often fat. Poor people in the past and in poorer countries are skinny.