patrick.net

I may be getting too philosophical here...

Cheap fuel = cheap transportation = low overhead and "lower" prices. If the internet was around in 1951, who would buy things from timbuktu when it would take 6-8 weeks for delivery? Supply chain management and just-in-time delivery has also radically reduced costs as on-hand inventory of raw materials is more aligned with demand.

Don't forget the interstate highway system...

Increases in fuel prices reverberate through the economy because it directly adds to the cost of goods and there isn't a "green" alternative to the trucking industry. Rail? Sure, but no one wants new railroad tracks through their communities. Perhaps we will have a renaissance in rail but we'll see...

All that aside, innovations in the medical field are probably the most noticeable difference in most peoples lives. The pharmaceutical industry has gone overboard in many ways but you can't deny that we have a drug or therapy for just about anything.

So, the three most vilified industries/institutions (Oil, Pharma, and government) have, in my opinion, contributed the most to our high standard of living.

Average # of electronic devices in American home:

1980: 3
2010: 25

American "innovation, invention, and entrepeneurship" is something that is often overstated as far as quality of life.

All the labor-saving appliances that matter in terms of freeing persons from real drudge work were already invented in 1951.

I'm kind of on the fence about the "radar range" though, it didn't become affordable and common until the 1970's. But the principles had been known since 1945 and is it really critical to our lifestyle? Convenient yes, critical perhaps not.

In frivolous innovations however, the Pop-Tart was not introduced until 1964.

Good comments so far...thanks!

One person's luxury is another person's necessity!

Petroleum is a major contribution to out standard of living. Some say it outweighs all other factors, but I am not sure I agree at this point...