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U.S. income per person today is roughly eight times what it was a century ago. Many...

U.S. income per person today is roughly eight times what it was a century ago. Many other countries have also experienced significant growth over that period. What are some specific ways in which your standard of living differs from that of your grandparents? To what do you attribute this growth in income?

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There is a huge difference in the levels of development and the technology output in the current day and this increased the income of a person and not only that, also the price index and inflation should also be taken into account for this. Therefore the attribute of this growth will be far less than the mentioned eight times. The standard of living these days has rose due to the advancement and forward movement in the economy where my grandparents faced issues with transportation connectivity etc and these seem vanished in the current day all in all.

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