Index Investing News
Monday, May 11, 2026
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

The myth of the 1950s utopia

by Index Investing News
January 10, 2024
in Economy
Reading Time: 3 mins read
A A
0
Home Economy
Share on FacebookShare on Twitter


Nostalgia is a heckuva drug. (I know, I am one of those suffering from the addiction.) But we should never confuse dreams and reality. This tweet caught my eye:

I suppose you could argue that 1950s California was a middle class paradise.  If so, that’s even more true today.  Back when I was born, Orange County had about 400,000 people, mostly living in small ranch houses and bungalows.  Today it has over 3.1 million, most of whom live in homes built after 1955.  These newer homes are typically much larger and more lavishly furnished than the homes of our grandparents.  The residents drive far better cars, which are much less polluting.  They have access to technology our ancestors couldn’t even imagine.  So yeah, we are far better off in material terms and there are far more of us.  Are we any happier?  Who’s to say?

It’s often said that average people can no longer afford to live in California, in which case it must be true that California contains 39 million very above average Americans.

Those who wish to argue that we are worse off than back in 1955 often point to highly unrepresentative examples.  They don’t show towns in Appalachia or the Deep South full of shacks lacking indoor plumbing and electricity.  Instead, they find an unrepresentative upper middle class area that has recently become super trendy, and hence unaffordable for the class of people that formerly lived in that area.  Such as northwestern Santa Monica.

When I began graduate work at the University of Chicago, my professor (Deirdre McCloskey) began the semester with a long list of forbidden words. I don’t recall the entire list, but do recall that “afford” was one of the forbidden words.  This term is so vague as to be almost useless.  

When thinking about living standards, don’t think about what you believe people can or cannot “afford”, think about what people actually consume.  And in purely material terms, we consume far more than we did back in 1955.  

Now you might argue that we work harder for that consumption than we did back in the 1950s, but I don’t believe that’s true.  The truly difficult jobs (like underground coal mining) are mostly gone.  Many office workers now spend part of their day surfing the web, doing online shopping. 

California does have a housing problem, but it’s a problem of success, not failure.  Although we have 39 million people, the state is so desirable that far more people would choose to live here if the housing stock were larger.  I’d rather have this problem than the problems faced by cities such as Detroit (lots of empty houses that no one wishes to inhabit.)  We need to loosen our zoning laws so that millions more people can enjoy what Ross Douthat calls the California middle class paradise.

PS.  I can go back to my hometown (Madison) and morn the loss of a certain way of living, such as “free range kids”.  But that nostalgia for the past tells us precisely nothing about how the economy has changed over the past 60 years.  In purely material terms, Madison is much richer than before, even though if my dad were still alive he could no longer “afford” the house we once lived in, partly because a subsequent addition has doubled its size from 2000 sq. feet to 4000 sq. feet.  

Many houses in coastal areas of California have been extensively upgraded, and are no longer the same house that they were back in 1955.





Source link

Tags: 1950sMythUtopia
ShareTweetShareShare
Previous Post

US Trailer for Body Swap Sci-Fi Romance ‘Skin Deep’ from Germany

Next Post

Full history, total wins and top goalscorers

Related Posts

Transcript: Howard Lindzon, Social Leverage

Transcript: Howard Lindzon, Social Leverage

by Index Investing News
May 11, 2026
0

https://www.youtube.com/watch?v=Q12PYx1e-eohttps://www.youtube.com/watch?v=Q12PYx1e-eo     The transcript from this week’s MiB Howard Lindzon, Social Leverage, is below. You can stream and download...

Is Economics Finally Becoming Trustworthy?

Is Economics Finally Becoming Trustworthy?

by Index Investing News
May 7, 2026
0

“There are two things you are better off not watching in the making: sausages and econometric estimates. This is a...

Transcript: Lawrence Calcano, iCapital CEO

Transcript: Lawrence Calcano, iCapital CEO

by Index Investing News
May 3, 2026
0

https://www.youtube.com/watch?v=crZF0Hl9qXEhttps://www.youtube.com/watch?v=crZF0Hl9qXE     The transcript from this week’s, MiB: Lawrence Calcano, iCapital CEO, is below. You can stream and download...

Making Money…Less Useful? – Econlib

Making Money…Less Useful? – Econlib

by Index Investing News
April 29, 2026
0

One of my brothers recently joked that he would love to meet the person who first pitched gift cards. Who...

The limits on Scott Bessent’s Treasury swap lines

The limits on Scott Bessent’s Treasury swap lines

by Index Investing News
April 25, 2026
0

Scott Bessent’s ability to provide dollar swap lines for allies in Asia and the Gulf could be constrained by the...

Next Post
Full history, total wins and top goalscorers

Full history, total wins and top goalscorers

His ex-wife, fiancée and children are hiding his financial documents. What can I do?

His ex-wife, fiancée and children are hiding his financial documents. What can I do?

RECOMMENDED

Making ,000,000 On Her FIRST RV Park Funding

Making $10,000,000 On Her FIRST RV Park Funding

July 15, 2024
EPIC! Tulsi Gabbard Is Flying into Phoenix Tuesday to Campaign with Kari Lake and Blake Masters

EPIC! Tulsi Gabbard Is Flying into Phoenix Tuesday to Campaign with Kari Lake and Blake Masters

October 18, 2022
SC’s Saibaba order raises doubts about safeguards in UAPA, authority of HCs

SC’s Saibaba order raises doubts about safeguards in UAPA, authority of HCs

October 18, 2022
UK bars Israeli gov’t officers from DSEI protection exhibition

UK bars Israeli gov’t officers from DSEI protection exhibition

September 1, 2025
Keller Williams Named to Fortune’s Most Innovative Companies 2023 List

Keller Williams Named to Fortune’s Most Innovative Companies 2023 List

March 31, 2023
Gilbert Gottfried, iconic comic and voice actor, useless at 67

Gilbert Gottfried, iconic comic and voice actor, useless at 67

April 12, 2022
Marcus & Millichap, Inc. (MMI) Q1 2025 Earnings Name Transcript

Marcus & Millichap, Inc. (MMI) Q1 2025 Earnings Name Transcript

May 11, 2025
Agency Capitalism in Private Markets: Who Watches the Agents?

Agency Capitalism in Private Markets: Who Watches the Agents?

February 23, 2023
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In