Why are Western countries like the United States and Germany so much richer today than other countries around the world?
Last Christmas, Pope Francis criticized holiday consumerism, saying that ours is “a society often intoxicated by consumerism … wealth and extravagance.”
To understand why this sort of critique is mistaken, and why consumerism and capitalism deserve our love at Christmastime and throughout the year, we need to go back to basics.
Would you give up air travel for $100,000? What about foregoing automotive travel for $500,000? Why or why not?
Beneath the surface there’s a lot of progress occurring that should make us all feel a little more optimistic about the future.
Once liberal reforms were put in place, they created choice and opportunity for many like never before. Market forces unwittingly brought about economic and thus social progress for India’s poorest and most discriminated against.
Adjusting for inflation, that a regular NES and 30 games would be about $2450 in 2015 dollars. And we can get all that today for $70. That’s a 97 percent price decrease without adjusting for quality