What would Louis XIV have paid for a Sonicare?

posted by
May 30, 2011
Independent Institute
by Art Carden  
Posted in Commentary

"The real winners from capitalist innovation are not the dynasties of yore. They're 'regular people' like you and me. Capitalism has created wonders that were out of reach of the richest kings from ancient times to modernity and made them widely available. Joseph Schumpeter famously wrote that all the wealth of Louis XIV couldn’t have bought him the conveniences of modern dentistry. All of his wealth could not have bought him a Sonicare that an American worker can purchase with a little over two hours of work at average hourly earnings of $22.95." (05/26/11)


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