Professor Jeremy Horpedahl has provided updated numbers on the percentage changes in four products essential to enjoying our Thanksgiving holiday. Remember, it’s not how expensive things are but how affordable they are that counts. To measure affordability, we must compare prices to wages. This is what time prices do for us. A time price is simply the nominal money price divided by nominal hourly income. Since last year, the nominal money prices of our four essential items have decreased from 0.8 percent to 13 percent, while nominal hourly income has increased by 4.4 percent. That means that personal abundance has increased by between 5.2 percent and 20 percent.

Dividing the percentage change in the nominal money prices by the percentage change in nominal wages reveals the percentage change in the time price. Personal abundance is how much more you now enjoy for the same amount of time relative to last year. We get 13 percent more Thanksgiving this year for the same amount of time it took last year.

Sources: “Cost of Thanksgiving Dinner Down Slightly from Record High in 2022,” news release, American Farm Bureau Federation, November 15, 2023; U.S. Energy Information Administration, “US Regular All Formulations Gas Price,” FRED Economic Data, Federal Reserve Bank of St. Louis, updated November 13, 2023; Bureau of Labor Statistics, “Consumer Price Index for All Urban Consumers: Airline Fares in US City Average,” FRED Economic Data, Federal Reserve Bank of St. Louis, updated November 14, 2023; Bureau of Labor Statistics, “Average Price: Wine, Red and White Table, All Sizes, Any Origin (Cost per 1 Liter/33.8 Ounces) in US City Average,” FRED Economic Data, Federal Reserve Bank of St. Louis, updated November 14, 2023; and Bureau of Labor Statistics, “Average Hourly Earnings of Production and Nonsupervisory Employees, Total Private,” FRED Economic Data, Federal Reserve Bank of St. Louis, updated November 3, 2023.

We describe the process of transforming scarcities into abundances in our book, Superabundance, available at Amazon. Jordan Peterson calls it a “profoundly optimistic book.” There has never been a better time to create more life.

Imagine, if you will, the following scenario. It is 1723, and you are invited to dinner in a bucolic New England countryside, unspoiled by the ravages of the Industrial Revolution. There, you encounter a family of English settlers who left the Old World to start a new life in North America. The father, muscles bulging after a vigorous day of work on the farm, sits at the head of the table, reading from the Bible. His beautiful wife, dressed in rustic finery, is putting finishing touches on a pot of hearty stew. The son, a strapping lad of 17, has just returned from an invigorating horse ride, while the daughter, aged 12, is playing with her dolls. Aside from the antiquated gender roles, what’s there not to like?

As an idealized depiction of pre-industrial life, the setting is easily recognizable to anyone familiar with Romantic writing or films such as Gone with the Wind or the Lord of the Rings trilogy. As a description of reality, however, it is rubbish; balderdash; nonsense and humbug. More likely than not, the father is in agonizing and chronic pain from decades of hard labor. His wife’s lungs, destroyed by years of indoor pollution, make her cough blood. Soon, she will be dead. The daughter, the family being too poor to afford a dowry, will spend her life as a spinster, shunned by her peers. And the son, having recently visited a prostitute, is suffering from a mysterious ailment that will make him blind in five years and kill him before he is 30.

For most of human history, life was very difficult for most people. They lacked basic medicines and died relatively young. They had no painkillers, and people with ailments spent much of their lives in agonizing pain. Entire families lived in bug-infested dwellings that offered neither comfort nor privacy. They worked in the fields from sunrise to sunset, yet hunger and famines were common. Transportation was primitive, and most people never traveled beyond their native villages or nearest towns. Ignorance and illiteracy were rife. The “good old days” were, by and large, very bad for the great majority of humankind. Since then, humanity has made enormous progress—especially over the course of the last two centuries.

How much progress?

Life expectancy before the modern era, which is to say, the last 200 years or so, was between ages 25 and 30. Today, the global average is 73 years old. It is 78 in the United States and 85 in Hong Kong.

In the mid-18th century, 40 percent of children died before their 15th birthday in Sweden and 50 percent in Bavaria. That was not unusual. The average child mortality among hunter-gatherers was 49 percent. Today, global child mortality is 4 percent. It is 0.3 percent in the Nordic nations and Japan.

Most of the people who survived into adulthood lived on the equivalent of $2 per day—a permanent state of penury that lasted from the start of the agricultural revolution 10,000 years ago until the 1800s. Today, the global average is $35—adjusted for inflation. Put differently, the average inhabitant of the world is 18 times better off.

With rising incomes came a massive reduction in absolute poverty, which fell from 90 percent in the early 19th century to 40 percent in 1980 to less than 10 percent today. As scholars from the Brookings Institution put it, “Poverty reduction of this magnitude is unparalleled in history.”

Along with absolute poverty came hunger. Famines were once common, and the average food consumption in France did not reach 2,000 calories per person per day until the 1820s. Today, the global average is approaching 3,000 calories, and obesity is an increasing problem—even in sub-Saharan Africa.

Almost 90 percent of people worldwide in 1820 were illiterate. Today, over 90 percent of humanity is literate. As late as 1870, the total length of schooling at all levels of education for people between the ages of 24 and 65 was 0.5 years. Today, it is nine years.

These are the basics, but don’t forget other conveniences of modern life, such as antibiotics. President Calvin Coolidge’s son died from an infected blister, which he developed while playing tennis at the White House in 1924. Four years later, Alexander Fleming discovered penicillin. Or think of air conditioning, the arrival of which increased productivity and, therefore, standards of living in the American South and ensured that New Yorkers didn’t have to sleep on outside staircases during the summer to keep cool.

So far, I have chiefly focused only on material improvements. Technological change, which drives material progress forward, is cumulative. But the unprecedented prosperity that most people enjoy today isn’t the most remarkable aspect of modern life. That must be the gradual improvement in our treatment of one another and of the natural world around us—a fact that’s even more remarkable given that human nature is largely unchanging.

Let’s start with the most obvious. Slavery can be traced back to Sumer, a Middle Eastern civilization that flourished between 4,500 BC and 1,900 BC. Over the succeeding 4,000 years, every civilization at one point or another practiced chattel slavery. Today, it is banned in every country on Earth.

In ancient Greece and many other cultures, women were the property of men. They were deliberately kept confined and ignorant. And while it is true that the status of women ranged widely throughout history, it was only in 1893 New Zealand that women obtained the right to vote. Today, the only place where women have no vote is the Papal Election at the Vatican.

A similar story can be told about gays and lesbians. It is a myth that the equality, which gays and lesbians enjoy in the West today, is merely a return to a happy ancient past. The Greeks tolerated (and highly regulated) sexual encounters among men, but lesbianism (women being the property of men) was unacceptable. The same was true about relationships between adult males. In the end, all men were expected to marry and produce children for the military.

Similarly, it is a mistake to create a dichotomy between males and the rest. Most men in history never had political power. The United States was the first country on Earth where most free men could vote in the early 1800s. Prior to that, men formed the backbone of oppressed peasantry, whose job was to feed the aristocrats and die in their wars.

Strange though it may sound, given the Russian barbarism in Ukraine and Hamas’s in Israel, data suggests that humans are more peaceful than they used to be. Five hundred years ago, great powers were at war 100 percent of the time. Every springtime, armies moved, invaded the neighbor’s territory, and fought until wintertime. War was the norm. Today, it is peace. In fact, this year marks 70 years since the last war between great powers. No comparable period of peace exists in the historical record.

Homicides are also down. At the time of Leonardo Da Vinci, some 73 out of every 100,000 Italians could expect to be murdered in their lifetimes. Today, it is less than one. Something similar has happened in Belgium, the Netherlands, Switzerland, Germany, Scandinavia, and many other places on Earth.

Human sacrifice, cannibalism, eunuchs, harems, dueling, foot-binding, heretic and witch burning, public torture and executions, infanticide, freak shows and laughing at the insane, as Harvard University’s Steven Pinker has documented, are all gone or linger only in the worst of the planet’s backwaters.

Finally, we are also more mindful of nonhumans. Lowering cats into a fire to make them scream was a popular spectacle in 16th century Paris. Ditto bearbaiting, a blood sport in which a chained bear and one or more dogs were forced to fight. Speaking of dogs, some were used as foot warmers while others were bred to run on a wheel, called a turnspit or dog wheel, to turn the meat in the kitchen. Whaling was also common.

Overwhelming evidence from across the academic disciplines clearly shows that we are richer, live longer, are better fed, and are better educated. Most of all, evidence shows that we are more humane. My point, therefore, is a simple one: this is the best time to be alive.

Read Chelsea Follett and Vincent Geloso’s full paper, “Global Inequality in Well‐​Being Has Decreased across Many Dimensions,” here.

Reading the news or listening to politicians and pundits speak, one could easily get the impression that global inequality is getting worse. But is the widely held belief that the world is becoming less equal true, or is it mistaken? The overwhelming majority of long‐​term trends regarding living standards—ranging from rising life expectancy to declining rates of poverty and hunger—show considerable improvement, even accounting for recent pandemic‐​related setbacks. You can explore the evidence for yourself on websites such as Human​Progress​.org. Have those improvements been widely shared, or have they accumulated mainly to a small population while much of the world is left behind?

That’s what George Mason University economist Vincent Geloso and I set out to discover. What we found is that while global inequality unquestionably still exists, it is in fact shrinking.

Our Inequality of Human Progress Index offers a new way of measuring global inequality. It is more comprehensive than any prior international inequality index, taking into account a greater number of dimensions. We found that in addition to a global decline in income inequality, there have also been declines in lifespan inequality, nutritional inequality, educational inequality, internet access inequality, and political liberty inequality. Around the world, gaps in these areas are shrinking.

Most importantly, there has been a decline in overall global inequality. That result was consistent, even under a variety of specifications that we tested. The data show that across all but two of the areas we examined, the world has become more equal since 1990. The data does not support the narrative of rising worldwide inequality.

The exceptions were infant survival inequality and clean air inequality. While infant mortality has decreased everywhere, it has fallen faster in rich countries with advanced medical technology and neonatal intensive care units. Clean air inequality has also gone up, probably because economic development often results in more pollution during industrialization before falling as a nation attains postindustrial prosperity—a tendency economists call the “environmental Kuznets curve.” Much of the world is still undergoing this transition.

Our research shows that improvements in international development have been both greater and more dispersed than many people realize. While there are still gaps, they are shrinking, and an accurate assessment of current trends is critical as we try to deepen our understanding of the drivers of human progress. The greater global interconnectedness and market liberalization of the past few decades have, it seems, not only raised absolute living standards but also equality. The world is not only better off than is commonly appreciated but also more equal.

This article was originally published at Cato.org. Read Chelsea Follett and Vincent Geloso’s full paper here.

Do you believe that the world is coming to an end? If so, you are not alone.

In 2021, researchers at the University of Bath polled 10,000 young people between the ages of 16 and 25 in Australia, Brazil, Finland, France, Great Britain, India, Nigeria, the Philippines, Portugal, and the United States. The researchers found that, on average, 83 percent of respondents thought that “people have failed to care for the planet.” Seventy-five percent thought that the “future is frightening.” Fifty-six percent thought that “humanity is doomed.” Fifty-five percent thought that they will have “less opportunity than [their] parents.” Finally, 39 percent stated that they were “hesitant to have children.”

The study remains one of the most comprehensive surveys of young people’s perception of the environmental state of the planet. But is this kind of doom warranted? The following global statistics paint an entirely different picture:

Between 1950 and 2020, the average inflation-adjusted income per person rose from $4,158 to $16,904, or 307 percent. Between 1960 and 2019, the average life expectancy, rose from 50.9 years to 72.9 years, or 43.2 percent. (Unfortunately, the pandemic reduced that number to 72.2 years.)

Between 2000 and 2020, the homicide rate fell from 6.85 per 100,000 to 5.77, or 16 percent.

Deaths from inter-state wars fell from a high of 596,000 in 1950 to a low of 49,000 in 2020, or 92 percent (though the war between Russia and Ukraine is bound to increase that number).

The rates of extreme poverty have plummeted, with the share of people living on less than $1.90 per day declining from 36 percent in 1990 to 8.7 percent in 2019. Though, once again, the pandemic has temporarily worsened that number somewhat.

Between 1969 and 2019, the average infant mortality rate per 1,000 live births fell from 89.7 to 20.9, or 77 percent.

Between 1961 and 2018, the daily supply of calories rose from 2,192 to 2,928, or 34 percent. Today, even in Africa, obesity is a growing concern.

The gross primary school enrollment rate rose from 89 percent in 1970 to 100 percent in 2018. The gross secondary school enrollment rate rose from 40 percent to 76 percent over the same period. Finally, the gross tertiary school enrollment rate rose from 9.7 percent to 38 percent.

The literacy rate among men aged 15 and older rose from 74 percent in 1975 to 90 percent in 2018. The literacy rate among women aged 15 and older rose from 56 percent in 1976 to 83 percent in 2018.

In 2018, 90 percent of women between the ages of 15 and 24 were literate. That number was almost 93 percent among men of the same age. The age-old literacy gap between the sexes has all but disappeared.

There is plenty of good news on the global environmental front as well:

The chance of a person dying in a natural catastrophe — earthquake, flood, drought, storm, wildfire, landslide or epidemic — fell by almost 99 percent over the last century.

Between 1982 and 2016, the global tree canopy cover increased by an area larger than Alaska and Montana combined.

In 2017, the World Database on Protected Areas reported that 15 percent of the planet’s land surface was covered by protected areas. That’s an area almost double the size of the U.S.

That year, marine protected areas covered nearly seven percent of the world’s oceans. That’s an area more than twice the size of South America.

There is more good news for the fish: Since 2012, more than half of all seafood consumed came from aquaculture, as opposed to the fish caught in the wild.

And while it is true that the total amount of CO2 emitted throughout the world is still rising, CO2 emissions in rich countries are falling both in totality and on a per capita basis.

With so much good news around us, why are we so gloomy? We have evolved to look out for danger. That was the best way to survive when the world was much more threatening. But, while the world has changed, our genes have not. That’s why the front pages of the newspapers are always filled with the most horrific stories. If it bleeds, it leads.

To make matters worse, the media compete with one another for a finite number of eyeballs. So, presenting stories in the most dramatic light pays dividends. Or, as one study recently found, for a headline of average length, “each additional negative word increased the click-through rate by 2.3%.” And so, in a race to the bottom, all media coverage got much darker over the last two decades.

We are literally scaring ourselves to death, with rates of anxiety, depression and even suicide rising in some parts of the world. To maintain your mental composure and to keep matters in perspective, follow the trendlines, not the headlines. You will discover that the world is in a much better shape than it appears. You will be more cheerful and, most importantly, accurately informed.

This article was originally published at RealClearPolicy on May 31st, 2023.