Why people feel that life was better in an earlier time

Assignment Help Microeconomics
Reference no: EM131482797

Question: Gregg Easterbrook, in his book, The Progress Paradox (New York: Random House, 2003) noted that life in the United States is significantly better today than in the past and provided many statistical facts, including:

a. Nearly a quarter of households (or 60 million people) have incomes of at least $75,000 a year.

b. Real (inflation adjusted) per capita income has more than doubled since 1960-people on average have twice the real purchasing power now as in 1960.

c. In 1956, the typical American had to work 16 weeks for each 100 square feet of new housing. Today that number is 14 weeks, and new houses are considerably more luxurious.

d. The United States accepts more legal immigrants than all other nations of the world combined.

e. The quality of health care improved substantially over the last half century, and life spans have grown dramatically.

This is just a sampling of the improvements in living standards Easterbrook catalogued. However, his book is subtitled How Life Gets Better While People Feel Worse, and this is a paradox he set out to explain. What reasons might explain why even though our lives have improved, people feel that life was better in an earlier time?

Reference no: EM131482797

Questions Cloud

Explain an ecommerce network and its application : Explain an ecommerce network and its application. Does a properly installed and maintained firewall provide adequate defense against intrusion?
Discuss how his decision to leave his family will receive : Explain whether or not you think Siddhartha Gautama's quest to find enlightenment falls under the category of noble action, sacred call, or desire.
Return trip the plane travels : The return trip on the same route, now with a headwind, takes 8 hours. Assuming both remain constant, find the speed of the plane and the speed of the wind.
Performance to generate a total revenue : A 6000- seat theater has tickets for sale at $27 and $40. How many tickets should be sold at each price for a sellout performance to generate a total revenue.
Why people feel that life was better in an earlier time : Gregg Easterbrook, in his book, The Progress Paradox (New York: Random House, 2003) noted that life in the United States is significantly better today.
Famous ancient roman structures : Select one (1) of the following famous ancient Roman structures that you find most fascinating: Colosseum, Circus Maximus, Pantheon, insulae, or bath complexes.
Play football and michael does not play basketball : Let p represent the statement "Jim plays football", and let q represent the statement "Michael plays basketball". Convert the following compound statement.
Write a function two-subsets in scheme that takes a list l : Write a function two-subsets in Scheme that takes a list L of positive integers and some auxiliary parameters of your choice.
Certificate of deposit : The amount in the bank account is_____ the amount in the bonds is _____ and the amount in the certificate of deposit is ____

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd