Just look at the stock market as an example. Many people speak of the stock market in terms of a zero-sum game, because on any given transaction if one person makes money the other loses money. However, every day more and more money gets pumped into the stock market, so that, on aggregate, everyone makes positive interest.
The same is true of our standard of living. The standard of living index, so to speak, has been increasing for a long time (forever, maybe?), and it will continue to do so for the foreseeable future. Everyone's standard of living will increase, in aggregate.
However, if people in poorer parts of the world start commanding higher salaries, people in more affluent areas won't be able to buy things as inexpensively as they do now. That's exactly what FSJ is pointing out here. I don't understand why I'm being down-modded for echoing it.
There was a time when Kings built huge castles and palaces. Those times are behind us now, because the standard of living is more evenly distributed. It's only going to continue to become more so.
The same is true of our standard of living. The standard of living index, so to speak, has been increasing for a long time (forever, maybe?), and it will continue to do so for the foreseeable future. Everyone's standard of living will increase, in aggregate.
However, if people in poorer parts of the world start commanding higher salaries, people in more affluent areas won't be able to buy things as inexpensively as they do now. That's exactly what FSJ is pointing out here. I don't understand why I'm being down-modded for echoing it.
There was a time when Kings built huge castles and palaces. Those times are behind us now, because the standard of living is more evenly distributed. It's only going to continue to become more so.