Saturday 18 February 2012

Krugman vs. Brooks

Maybe the value of leisure is increasing? The past 70 years have seen the popularization of television, color television, cable, VCRs, mini satellites, video games, CD players, computers, DVDs, HDTVs, MP3 players, and a host of other fun gizmos. At the same time, it?s worth noting that stagnating real working-class wages are calculated by using a meaningless overall average rate of price inflation. Some things?college tuition, apartments in Manhattan, health care?have gotten more expensive much faster than average. This means that people who buy a below-average amount of those things are better off than the statistics show. A healthy person living in an unfashionable city with no student loans to pay off can get by on a fairly modest income. The flipside of the declining marriage rate is that fewer men are supporting families. To a certain puritanical frame of mind that views toil as a virtue in and of itself, this may seem unfortunate. But in many respects it?s a natural outgrowth of progress. On the whole, the American population has grown less desperate over time and less interested in working?an entirely typical pattern, globally and historically.

Source: http://feeds.slate.com/click.phdo?i=341b0db195aebb395030cc63656f3985

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