To the People

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or TO THE PEOPLE.

Thursday, December 13, 2007

The Rich Are Getting Richer, The Poor Are Getting Richer

Send this old Coyote Blog post to anyone whom you hear say "The rich are getting richer; the poor are getting poorer."

For a quick taste, here's the closing paragraph:
Here is a man, Mark Hopkins, who was one of the richest and most envied men of his day. He owned a mansion that would dwarf many hotels I have stayed in. He had servants at his beck and call. And I would not even consider trading lives or houses with him. What we sometimes forget is that we are all infinitely more wealthy than even the richest of the "robber barons" of the 19th century. We have longer lives, more leisure time, and more stuff to do in that time. Not only is the sum of wealth not static, but it is expanding so fast that we can't even measure it. Charts like those here measure the explosion of income, but still fall short in measuring things like leisure, life expectancy, and the explosion of possibilities we are all able to comprehend and grasp. [Links in original]

HT: The optimistic Cafe Hayek blog.

Labels: ,