Why Prosperity Has Increased but Happiness Has Not
One usually-not-mentioned premise is that even though goods’ costs have typically been going down over time as physical product technology improves, many services (the majority of developed economies) are relatively unaffected by improvements in technology because they rely almost exclusively on labor. Rising inequality will make services more expensive to those on the poorer end. Poor people don’t struggle to get smart phones or food, they struggle to get daycare, medical care, education, etc.