The Wealth of Nations

"The wealth of nations, according to Adam Smith, the founding father of the market economy, is not measured in GDP or cash reserves. Rather, it "consists in the cheapness of provision and all other necessaries and conveniences of life."

By that standard, American wealth in general, and the wealth of poor Americans, has skyrocketed in the last half-century, and the government had relatively little -- though certainly not nothing -- to do with it. And it's not just that consumer items are cheaper than ever, they're also better than ever. An iPhone today isn't just better than yesterday's phones, it's better than yesterday's cameras, calculators, portable stereos and computers. Many of the standard features on a 2010 Honda Accord were considered luxury items 10 years ago and almost unimaginable 20 years ago."

~Syndicated columnist and AEI colleague Jonah Goldberg