"How? Millions joining the workforce every year. Improved productivity, thanks to technological progress, and better management of resources." Oh and of course the death of Mao Zedong, which almost at a stroke rescued nearly a quarter of the world's population from grinding poverty....
NB: Data here. Source here. Note that the measure is GDP, which measures flow not stock, and as we know is at best only a proxy for production. But still ...
[From Beautiful News Daily. Hat tip Stephen Hicks]
1 comment:
What a hopelessly selective measure!
'the average income per person has almost tripled since 1960.'-In OECD countries the 'average' person is worse off today.
If you see what 1$ bought in the 60's and compare it to today it is clear.
Tying progress to the death of Mao is a very long bow.
You could buy a house in Auckland in the 60's for under 20k....same house today $1million....and incomes have tripled!Too funny....!
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