I enjoy reading Barry Ritholtz, and I think he does an awesome podcast (almost as good as the WSO podcast). He recently wrote an article about how we perceive wealth.
Wealth, as we have observed before, is a relative concept. We measure our economic well being by looking at our peers, not at different eras in time or geographies far away from us. The second point is that we can measure wealth in a variety of ways that are not simply based on income or financial assets: health, education, leisure time, lifespan and personal security.
I don't want to get into the politics, but it made me wonder from a more objective perspective: how good do people have it? Looking at the ends of the spectrum, how has quality of life improved for the most wealthy and least wealthy over the past 10, 50, 100 years? The big ones that pop out to me are health & lifespan improvements. What do you monkeys think?
Yes, it was really interesting. Even I came to know about it.
Its really awesome post. I like it.
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