Don Boudreaux and his former student Mark J. Perry both write excellent blog articles and short essays on their own. Last week they combined their powers to write one amazing, fact-dense piece on the myth of a middle class that has seen no developments in decades. Here's a taste to get you hooked:
Despite assertions by progressives who complain about stagnant wages, inequality and the (always) disappearing middle class, middle-class Americans have more buying power than ever before. They live longer lives and have much greater access to the services and consumer products bought by billionaires.
Do read the entire thing. It highlights the error of ignoring non-monetary forms of compensation when comparing workers' compensation, it reminds us of the difference between statistical categories and flesh and blood people, it reveals how technology has drastically improved our standards of living and it shows the diminishing returns of wealth when middle class teenagers can afford the same iPhone a pop star uses.