- top 1% incomes grew at 3.6%/year,
- rest of the top fifth grew at 1.6%/year,
- middle three-fifths grew at 0.9%/year,
- bottom fifth at 0.5%/year-—with the proviso that improved access to medical care was worth a good deal more than its market cost.
But the past generation has seen a third industrial revolution, a worthy information-age successor to the first of steam, iron, cotton, and machines and to the second of internal combustion, electricity, steel, and chemicals. Not everyone, but almost everyone in the North Atlantic and many and soon most in the world, can now if they wish have a smartphone--and so gain cheap access to the universe of human knowledge and entertainment to a degree that was far beyond the reach of all but the richest of a generation ago.