Visitors to the Cafe Hayek might be surprised to see how little empathy? there is toward the situation so many wage earners find themselves in today: declining real income. Rather, there are strong arguments made that because technology has improved the products we buy, even if the median income is declining (which they argue is not the case), our standard of living is increasing rapidly.
I think the only qualification is whether declining real incomes (if that is the case) allows the same number of people to buy the kind of products they would have purchased had their incomes kept pace with the costs of living. After all, if you can't afford to buy better products, you can't really enjoy them... or is that too self-evident?
