June 7, 2015

In Australia, over the past fifty years, average household income, in constant prices, more than doubled. We live in one of the freest and most prosperous societies in the history of mankind. Why should we be so lucky?

 

Prior to 1800, most people lived subsistence existences. Dirt poor, their lives a drudgery, they suffered high rates of child mortality, starvation in poor seasons and ever present violence. It had been that way for centuries. As Hobbes put it, life was solitary, poor, nasty, brutish, and short.

 

Since then, the wealth of the average person has increased twelve-fold. (See Mark Ro...

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