Three Contemporary Economic Myths About Income and Material Well-Being

A major challenge facing economics educators is helping students critically assess the media coverage of economic issues. The media are often the purveyors of a variety of economic myths that simply do not stack up to the facts. Over the years, I have collected several of these myths and provided empirical data that calls them into question. In this essay, I provide data and economic analyses that undermine three of those myths: Living standards are declining, the rich are getting richer and the poor are getting poorer, and jobs are paying less than they used to.

Find article at Journal of Private Enterprise.