May 8, 2013

NO ONE HAS IT HARDER THAN THEIR GRANDDAD DID:

The Big Trend: The World Is Getting Wealthier (KATHLEEN O'TOOLE, May 8, 2013, Fiscal Times)

 
American adults are, on average, three times richer than their grandparents, and their grandchildren will likely be three times richer than they are. That's in real dollars with inflation removed, says macroeconomist Charles Jones of the Stanford Graduate School of Business.

Furthermore, people in most developing countries are now also increasing their standards of living.

"Historically, poor and rich countries grew at roughly the same rate, but in the last decade we've seen a bunch of poor countries growing rapidly -- not just China and India, but also Africa and other places. This is an incredibly wonderful accomplishment that the rest of the world is catching up with the advanced countries," Jones says.

These optimistic messages are part of an hour-long lecture that Jones has condensed from his quarter-long MBA course Growth and Stabilization in the Global Economy. It's a course designed to give students a longer-range view to supplement the immediate perspective of daily news.

Posted by at May 8, 2013 1:05 PM
  

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