Yes, we Americans really do have it good despite our persistent fears of inequality

This is a great video that showcases the magnitude of the differences of wealth between nations. The average American is 90 times more wealthy than the average person in the Central African Republic. Marginal Revolution University is promising to dive deeper into the causes of these disparities and I trust that the future videos will home in on the key differences between the divergence between free and closed markets, the culture of nations, and perhaps most importantly, the importance of institutions that are developed over time and by the unseen and unpredictable positive contributions of individuals living in largely free societies. Hopefully the videos make the compelling argument for the power of the invisible hand compared to the heavy and hamfisted hand of command and control economies.

This also serves to me as a gentle reminder of how relatively well off we Americans truly are. While we struggle to discuss and come up with proposals to reduce inequality and the plight of our middle class, that same middle class continues to be astonishingly more wealthy than their American counterpart from decades gone by and exorbitantly more wealthy than their modern-day global peers.


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