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Per capita GDP increased substantially from 1970 to 2017. Is the average person in the U.S. economy really more than eleven times better off in just 47 years?

Answer :

Final answer:

Per capita GDP increased substantially from 1970 to 2017 in the United States, but this does not necessarily mean that the average person is more than eleven times better off. Other factors such as inflation, wages, income levels, and the actual rise in the standard of living need to be considered. Factors like a decrease in the typical workweek, improvements in health and education, and a cleaner environment contribute to the overall standard of living.

Explanation:

In the United States, per capita GDP increased substantially from 1970 to 2017. However, it is important to note that this does not necessarily mean that the average person is more than eleven times better off in just 47 years. This is because other factors such as inflation, wages, income levels, and the actual rise in the standard of living need to be taken into account.For example, the average hourly wage for a manufacturing worker increased nearly six-fold during this period, but the average worker in 2017 is not six times more productive than the average worker in 1970. Additionally, factors like a decrease in the typical workweek, improvements in health and education, and a cleaner environment also contribute to the overall standard of living.Therefore, while per capita GDP is an important measure of economic growth, it does not provide a complete picture of an individual's well-being or the overall quality of life in a country.

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