Appropriate education

More and more economists are now beginning to doubt that the annual growth in the standard of living — even of the social elite of advanced countries — will ever reach anything more than 1%.  This agrees with my own theory which says that this is unsurprising.  When different versions of all possible status goods become available to rich and poor alike, all individuals, save the perennially ambitious, can show their social rank by the quality and price of the goods they walk around in or raise their children in during their leisure time.

Just as the old watchword was “There is no such thing as a free lunch”, the new one will be “There is no such thing as a fascinating culture if based on passive education”.

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