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Most of the US real earnings data which go only as far as mid 60s. According to the statista data presented in this article by world economic forum the evolution of real hourly earnings in the US for production and non-supervisory workers looked like this: If we extrapolate to 50s then the real earnings are now higher overall. However, this being said the ...


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Average standard of living is massively higher today compared to the 1950s, primarly due to technological progress. Even a cheap low end car today is much better than the big cars of the 1950s, it is orders of magnitude safer, much more comfortable and has a whole bunch of new features that didn't exist back then. Houses as such haven't changed that much, ...


14

The book “The Two Income Trap” (2003) by Elizabeth Warren (recent Democratic presidential candidate) and Amelia Warren Tyagi discussed this. They looked at spending breakdowns in the 1970s and when they were writing. One thing to keep in mind is that the mix of spending has changed, as well as the characteristics of products. E.g., modern cars appear to be ...


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Optimal transport methods are very much still in use in economics. The show up in two-sided matching with side-payments, contract theory, hedonic pricing, partial identification in econometrics, and a couple of other areas. You can find an excellent overview of economic applications in the 2016 book Optimal Transport Methods in Economics by Alfred Galichon.


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I think this is already answered in the paper itself and in addition I think this is due to the way how they define 'simultaneous equations' topics. First as authors of that paper opine: This presumably reflects declining use of an orthodox multi-equation framework, especially in macroeconomics. The reduced coverage of Simultaneous equations has made space ...


3

The Wall Street Journal ran a great article comparing cryptocurrency sizes. The article compared the asset classes by relative market capitalizations if you added everything up. Source: WSJ Source: WSJ


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In the 70s U.S. Fed policy was in disarray and Fed was not following consistent monetary policy (at least not by present day standards). Generally monetary scholars characterize the Fed monetary policy in the 70s as "go-stop" policy. As argued by Goodfriend (2007): At the heart of the disarray in monetary policy practice in the 1970s was the ...


2

Economists already consider South Korea to be developed economy. In fact some scholars already argued that Korea was a developed economy already sometime in late 90s - 2000s (see Kim, 1988; Kim, 2011). Opinions might differ because there is no precise definition of what developed country is but quite often in literature this is proxied with whether economy ...


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(Please note that is guesswork based on the linked text.) From the Inky Fool page: Then, in the early seventeenth century John Donne promised a chap called Sir Henry Goodere that he would send him a letter in verse. He didn't get round to it, and to make matters worse Goodere wrote him one, which meant that Donne really owed him. Or, as Donne put it in an ...


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The Industrial Revolution was an important watershed in women’s work in that it shifted the location of work out of the home. Because of the importance of machines powered by water wheels or steam engines, textiles began to be produced in factories rather than in workers’ homes. This change in the location of work made it more difficult for women to combine ...


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