Prosperity as a Measure of Time Saved

This is what prosperity is: the increase in the amount of goods or services you can earn with the same amount of work. As late as the mid-1800s, a stagecoach journey from Paris to Bordeaux cost the equivalent of a clerk’s monthly wages; today the journey costs a day or so and is fifty times as fast. A half-gallon of milk cost the average American ten minutes of work in 1970, but only seven minutes in 1997. A three-minute phone call from New York to Los Angeles cost ninety hours of work at the average wage in 1910; today it costs less than two minutes. A kilowatt-hour of electricity cost an hour of work in 1900 and five minutes today. In the 1950s it took thirty minutes work to earn the price of a McDonald’s cheeseburger; today it takes three minutes. Healthcare and education are among the few things that cost more in terms of hours worked now than they did in the 1950s.


Folksonomies: quantification prosperity

 The Rational Optimist: How Prosperity Evolves
Books, Brochures, and Chapters>Book:  Ridley , Matt (2010), The Rational Optimist: How Prosperity Evolves, Retrieved on 2017-09-22
Folksonomies: capitalism optimism libertarianism