Source: The Daily Economy
by Mani Basharzad
“What kind of goods and experiences comprise a ‘normal life?’ In 1900, Henry George thought millionaires lived abnormally because they had telephones in their bedrooms. Looking back, it’s remarkable how quickly the abnormal becomes ordinary. Today, even the poorest people — not only in rich countries but also in developing ones — carry a phone (which does much more than ring) in their pocket. That’s one of the miracles of the free market. French sociologist Gabriel Tarde noticed that forks and spoons were once luxuries reserved for the elite, but by his time had become universal. Ludwig von Mises drew inspiration from Tarde’s insight, calling it one of capitalism’s greatest virtues: the transformation of luxuries into necessities.” (11/20/25)
https://thedailyeconomy.org/article/embrace-consumer-choice/