June 12, 2016

It's the Ideas, Stupid

Some astonishing facts: the average human living before 1800 "could expect to make, earn, and consume" about $3 per day. Today, the average Afghan and the average Liberian—residents of two of the poorest countries in the world—spend $33 per day, adjusted for exchange rates and inflation. In the emerging economy of Brazil, real per-person income is "about the same as it was in the world-beating United States in 1941, or in the still-recovering postwar Britain in 1959." And the average per-person daily income in "well-off free-trade democracies," which are home to one-sixth of the world's population, is about $100. In fact, worldwide, "[i]ncome now is thirty to one hundred times more than our ancestors could manage…."

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Source: Washington Free Beacon