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    $\begingroup$ The 'Household Income' approach actually understates income growth, because the average household size has dropped significantly since 1950. When households are statistically re-assembled into units of similar size to 1950 units, the growth is even more dramatic. $\endgroup$
    – tbrookside
    Commented Aug 18, 2020 at 14:02
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    $\begingroup$ @tbrookside: Yup good point. Average household size was 3.33 in 1960 and 2.53 in 2018 (source: Table HH-4 here). $\endgroup$
    – user18
    Commented Aug 18, 2020 at 14:33