Technological Progress: Personal Well-being and Economic Impact in the US | Quick Digest

Technological Progress: Personal Well-being and Economic Impact in the US | Quick Digest
This article explores the tangible value of technological progress by examining its impact on an individual's life in the US over the past forty years. It highlights increased labor productivity, significant growth in real median household income, and a near doubling of GDP per capita, underscoring how innovation enhances access to goods and improves overall well-being, including through medical advancements.

Technological progress significantly boosts labor productivity and economic growth globally.

US real median household income has risen substantially over the last four decades.

US GDP per capita has nearly doubled in real terms over the past forty years.

Technological advancements make pre-existing innovations more affordable and accessible.

Life-saving medical breakthroughs are a key benefit of ongoing technological progress.

The article uses a personal narrative to illustrate broad economic and societal shifts.

The article "The value of technological progress" from Works in Progress Magazine, published on January 8, 2026, delves into whether technological advancements genuinely improve human well-being beyond mere increases in wealth or health. Author Matt Clancy employs a unique approach, using his own lived experience in the USA over the last forty years as a case study to illustrate the tangible impacts of technological progress. The central claims revolve around the economic benefits of technology. The article asserts that technology, by increasing labor productivity, allows workers to command higher prices for their labor. This aligns with broader economic understanding that innovation leads to higher productivity, increased output, and economic growth. Clancy states that US median household income has increased by approximately 35 percent over his lifetime, a claim that is plausible when considering real (inflation-adjusted) median household income growth. While nominal figures show a much larger increase (over 250% from 1985 to 2025), real median household income has indeed grown significantly, with various studies indicating increases ranging from 26.5% to 49% over similar four-decade periods, depending on adjustments and specific years chosen. Furthermore, the article claims that US GDP per capita has almost doubled, which is verified by economic data. Real GDP per capita in the US increased from around $36,292 in 1985 to a projected $69,532 in 2025 (in chained 2012 dollars), representing a growth of over 91%, effectively "almost doubling". The author notes that much of his family's increased spending goes towards technologies invented before his birth, now more affordable due to ongoing technological progress. This highlights how innovation democratizes access to goods and services over time. Finally, the article emphasizes life-saving medical advances as a crucial benefit, a widely recognized aspect of technological improvement. Works in Progress is considered a credible source, rated as "Least Biased" and "High for factual reporting" by Media Bias/Fact Check, known for its empirically grounded coverage of scientific, technological, and economic innovation.
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