(cont'd from last Friday's post)
How poor were people in the past, compared to our standard of living today? Dr. Jordan Peterson says that it's very hard for today's students to picture it. Economist and co-author of Superabundance, Dr. Gale Pooley agrees and likes to use the example of sugar with his students:
For the same amount of time that an average worker would work to buy one pound of sugar in 1850, how many pounds of sugar would that labor buy today? His students suggest 2-4 pounds. But actually that work time today would buy 227 pounds!
from Discovery
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