Admit It: You’re Rich is a discussion from Megan McArdle.

If you are making more than about $16 an hour, you are in the top 1% of income earners in the world. If your time horizon is the last few thousand years of history, sitting in the lower end of middle class or perhaps working poor, you would be in the very tip-top of the 1% for all of history.

(Cross-posted from my other blog, Outrun Change, because this discussion has so much to say about the radical economic progress that has taken place over the last 100 and 250 year timeframes.)

She is on the story of why people living on either coast are complaining they can barely get by on $350,000 a year.

I’m on it. So is David Sirota. And if your personal income is higher than $32,500, so are you. The global elite to which you and I belong enjoys fantastic wealth compared to the rest of the world: We have more food, clothes, comfortable housing, electronic gadgets, health care, travel and leisure than almost every other living person, not to mention virtually every human being who has ever lived. We are also mostly privileged to live in societies that offer quite a lot in the way of public amenities, from well-policed streets and clean water, to museums and libraries, to public officials who do their jobs without requiring a hefty bribe. And I haven’t even mentioned the social safety nets our governments provide.

So how is it that everyone who is making more than $33K a year doesn’t feel like they are incredibly, wonderfully, amazingly blessed to live a live of such luxury and comfort and ease?


If it was possible to choose, would you prefer to live life in the middle class, struggling to get by in a lousy economy with an uncertain retirement, or would you rather live the life of Nathan Rothschild, who was the richest man on the planet when he departed this life in 1836?

(Cross-posted from my other blog, Outrun Change.)

John Kay discusses this idea in his article, Precise inflation figures ignore evolutions in product quality and consumer choice.

Mr. Kay points out that Mr. Rothschild was richer than either John D Rockefeller or Bill Gates. He was the second richest man in all of history.

Before you say you’d rather live his life than yours, consider this:


Consider the following two stories.

One country with rapidly expanding oil production with no end of the increase in sight. The other country is a member of OPEC and will start importing light crude.

I’ll ask two questions after mentioning the articles, which are reposted from my other blog, Outrun Change. (more…)

There is a long-running debate between those who choose equality as the foundation for all policies and decisions on one hand, and those who choose liberty as the foundation on the other hand. The underlying goal of both options is to help others and make life better for all.

The Wall Street Journal addresses these differing approaches in Free People, Free Markets: (more…)

That comment is from Winston Churchill. I touched on it a year ago – On having enemies.

While looking for a somewhat related story, I looked again at a discussion by Philosiblog on the Churchill quote.

(Cross-posted from my other blog, Outrun Change.)

His article expands on the idea that if you take a principled stand for something, there is a chance you will cause severe offense and perhaps create an enemy.


While tracking down a great quote from Churchill on free enterprise, I found a number of other great ones at The 40 Greatest Quotes From Winston Churchill, an article by John Hawkins.

I’ll finish this series with two motivational comments:

Success is not final, failure is not fatal: it is the courage to continue that counts.


A lie gets halfway around the world before the truth has a chance to get its pants on.

Winston Churchill

On having enemies

“You have enemies? Good. That means you’ve stood up for something, sometime in your life.”

Winston Churchill

It’s not always a bad thing to gather enemies by standing up for your core beliefs, those things you value most dearly.

While searching on that phrase, found a nice article pondering its implications at Philosiblog.

I found the above quote in several places on the ‘net. Also found it and other quotes in this series at The 40 Greatest Quotes From Winston Churchill, an article by John Hawkins.