This reply: "In 1971 Nixon took the greenback off the gold standard; the USA began importing more oil than it produced domestically and Lewis Powell wrote his famous memo. If these aren't points of inflection I don't know what are."
Nice graphs. 1971 coincides approximately with the start of the era of stagnation[1] in Soviet Union, when the socialist block began stalling, until its dissolution in late 80s/early 90s. I think the elites of the capitalist block stopped sharing the productivity gains with workers the moment they felt Soviet Union was stalling, as the perceived threat of squeezed people sympathizing with socialism and kickstarting some revolution vanished.
Capitalism, that has competition as one of its pillars, seemly started degrading when its sole competitor collapsed.
From the article, separating reporting effects from the hedonic treadmill is tricky:
It has been recognized that an individual’s assessment of their well‐being may reflect the social desirability of responses and Kahneman (1999) argues that people in good circumstances may be hedonically better off than people in worse circumstances, yet they may require more to declare themselves happy. In the context of the findings presented in this paper, women may now feel more comfortable being honest about their true happiness and have thus deflated their previously inflated responses. Or, as in Kahneman’s example, the increased opportunities available to women may have increased what women require to declare themselves happy.
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The bewilderment will continue so long as heads are lodged in sunless locations.
Capitalism, that has competition as one of its pillars, seemly started degrading when its sole competitor collapsed.
[1] https://en.m.wikipedia.org/wiki/Era_of_Stagnation
It has been recognized that an individual’s assessment of their well‐being may reflect the social desirability of responses and Kahneman (1999) argues that people in good circumstances may be hedonically better off than people in worse circumstances, yet they may require more to declare themselves happy. In the context of the findings presented in this paper, women may now feel more comfortable being honest about their true happiness and have thus deflated their previously inflated responses. Or, as in Kahneman’s example, the increased opportunities available to women may have increased what women require to declare themselves happy.