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Economics

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    $\begingroup$ As a counter-point, most Americans in the '50s lived in what today would be considered very small houses and had only 1 car per household. Also, with respect to large families, most did not eat out, instead eating home cooked meals which are more economical, eating out was maybe a once a month treat. $\endgroup$
    – Glen Yates
    Commented Aug 17, 2020 at 18:34
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    $\begingroup$ There was definitely a boom we're paying off today (not just in the US) related to demographics. Any large change in population trends means trouble for the next few generations - and that's where the US is today (thanks to wildly above average population trends for a while) or Russia is (thanks to the reverse, a brutal demographic toll thanks to WW2 and socialism). I doubt gold reserves in particular have anything to do with anything, though; especially given that the US dollar became the new "gold standard" (what a great idea that was). $\endgroup$
    – Luaan
    Commented Aug 18, 2020 at 11:39
  • $\begingroup$ Everyone's bringing up quality-of-life improvements from technological advancement. However, only a small portion of your income is spent on electronics, etc. $\endgroup$
    – MWB
    Commented Aug 18, 2020 at 12:13
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    $\begingroup$ @MaxB technological advancement is much, MUCH more than electronics. Todays houses are warm in the winter, and cool in the summer. Showers are hot and near infinite, cloth is soft and fine. Chairs support your back in a dozen new ways, shoes and clothes are fitted to a never before seen level. Power is stable, medical treatment is plentiful. There are too many entertainment options for any one human being to enjoy. Food is incredibly varied, available from all over to globe. Limitless information is at your fingertips. Technology improved our lives in a myriad ways beyond 'electronics'. $\endgroup$
    – Torque
    Commented Aug 18, 2020 at 14:05
  • $\begingroup$ @Torque AC systems (and whatever else you are talking about) don't cost that much today. Another example: New drugs invented: 90% garbage or inexpensive generics: ethics.harvard.edu/blog/risky-drugs-why-fda-cannot-be-trusted I'm not arguing that tech progress is useless, just that only a small portion of your income is spent consuming its fruits. $\endgroup$
    – MWB
    Commented Aug 18, 2020 at 14:15