Measuring progress and prosperity - Deepstash

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Measuring progress and prosperity

What led to the pricing of progress in the mid-19th century was capitalism.

Capitalism is not just the existence of markets. It is also capitalised investment, where elements of society and life - including natural resources, technological discoveries, works of art, urban spaces, educational institutions, and people - are changed or "capitalised" into income-generating assets that are valued by their ability to make money and yield future returns.

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MORE IDEAS FROM THE SAME ARTICLE

People in societies such as ancient Greece, imperial China, Medieval Europe, and colonial America did not measure people's well-being in terms of monetary earnings or economic output.

The turn toward financial statistics means that instead of considering how economic developments could meet our needs, it instead is to determine whether individuals are meeting the demand of the economy.

  • The working-class Americans at the beginning of the 20th century were not as eager about the rise of economic indicators because they believed the human experience to be "priceless." They also viewed the figures as tools to be used to justify increased production quotas, mo...

Capitalization was key to the rise of economic indicators. Upper-class Americans began to put their wealth into new financial assets. They began to see their society as a capitalized investment and the people as capital that could be used to increase wealth.

By the progressive era (1890s to the 1920s), a child was valued as a potential wealth-producer. "If he lived out the normal term of years, he can produce $2900 more wealth than it costs to rear and maintain him," The New York Times stated in 1910. The annual social cost of everything was...

The conditions for economic growth were regularly put before the necessary conditions for individuals' well-being.

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