Nishant Bhajaria wrote a brilliant article in which describes his experience with the economy. He graduated college in the Mid-West United States in 2003 and has learned many things since then about the economy. The charts and graphs he has put together tells a delicate tale about the economy shown on the news versus what people live in real life.
As he explains in, Why doesn’t the economic recovery feel real, Nishant shows that what is good for big business may not always be good for a big society. My basic theory is that there is conflict between population size and the structure of institutions. Nishant’s presentation gives you a good feel for the symptoms. A person struggling with matters of housing, food, social standing, and barriers to social mobility are real, day-to-day experiences that can interfere with the ability to think straight and achieve better. The institutions surrounding everyone are designed for a different time under different circumstances.
Some people are doing well. Some people can see themselves raise up out of such conditions. Others will say, see, that is evidence of the power of rugged individualism. That seems true until you realize such success stories pertain to about 1% of those in those situations. The reality is, it takes a whole society with better institutions to improve the lives of a whole society. When we can move far, far beyond every person for themselves, the needle on social progress and prosperity will finally shift in the right direction.