“The truth is that along with real economic progress there has been a parallel big degradation in the lived experience of life in much of America, a part of America largely invisible to and certainly not relatable to on a visceral level by most of those in booming sections of global cities. I’m all in favor of understanding the very real way that technology and other innovations have made our lives better, and fully capturing that in statistics. But we need to be equally as diligent in capturing and measuring the downsides of those trends, an effort I’ve read much less about in the papers.” — How Much Value Do Economists Assign to Having Married Parents Who Aren’t on Drugs?
A pre-1965 silver dollar might be worth roughly ten dollars today, so you could say our money has lost ninety percent of its value. On the other hand, what would a modest 2017 Dell computer have cost in 1965? Six hundred dollars today doubling every eighteen months back to 1965 comes to some figure in scientific notation. On yet another hand, in 1965 my father was married to my mother and lived in the house with us – a common arrangement in those days, somewhat less so today.