Conventional wisdom states that the economic well-being of all but the wealthiest Americans has stagnated or declined over the past twenty-five years. In Prices, Poverty, and Inequality: Why Americans Are Better Off Than You Think, Christian Broda and David E. Weinstein argue that this idea is based on misleading measurements...

Adjusting poverty measures to account for the benefits of product improvements reveals that Americans in every income group are better off than they were twenty-five years ago.

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For the past half century, the United States has been the world’s scientific and technological leader: American multinationals are at the forefront of commercial technologies; U.S. exports are disproportionately from sectors that rely extensively on scientific and...