In terms of their ability to deal with scarcity and the maximum lifetime utility they are able to obtain, people in countries that have seen long-term growth in real GDP per capita are better off than their parent(s) were 30 years ago (and much better off than their grandparents 60 years ago, etc).

Feel "better off" than your parents, in your opinion? Do you feel less burdened by scarcity than you did before? Do you believe that the overall pleasure you will have during your lifetime will be greater than what they could accomplish?

Answer rating: 100% (QA)

In terms of their ability to deal with scarcity and the maximum lifetime utility they are able to ob... View the full answer