How Much Richer are we over the past 100 Years?

TV's 1923 gives us insight into economic growth then and now

The hit TV show 1923, a prequel to Yellowstone, doesn’t just tell a compelling story—it also offers a fascinating window into the economic transformations of the early 20th century. From the rise of electricity to changes in labor and household technology, this period saw dramatic shifts in living standards that shaped the modern world. Let’s dive into the surprising economic lessons from 1923 and what they tell us about progress, wealth, and the future.

The Impact of Innovation: Electricity, Telephones, and Household Appliances

In one scene from 1923, characters marvel at the idea of a telephone in the house. Today, we take instant communication for granted, but in the early 20th century, the ability to make a call from home was groundbreaking. The spread of electricity similarly revolutionized daily life, enabling new household conveniences like washing machines and refrigerators. These innovations reduced manual labor, freeing up time for leisure—something that had been almost nonexistent for many families just a few decades earlier.

The Decline of Grueling Work Hours

Economic growth in the late 19th and early 20th centuries didn’t just bring new technologies; it also reshaped the way people worked. In the 1870s, the average American worked over 3,000 hours per year. By 1923, that number had fallen to around 2,500 hours, thanks to rising productivity and economic expansion. Fast forward to today, and the average American works even fewer hours, illustrating how economic progress has continually improved work-life balance over time.

Are We Richer Than Rockefeller?

One of the most thought-provoking economic comparisons is between the ultra-wealthy of the past and the average person today. John D. Rockefeller was one of the richest men in history, but despite his immense wealth, he lacked access to modern conveniences that even middle-class households now take for granted. No antibiotics, no air conditioning, no instant access to news and entertainment—would you trade places with him? For many, the answer is no. This highlights the immense rise in living standards over the past century.

What 1923 Teaches Us About Economic Progress

By looking at a period like the 1920s through the lens of pop culture, we can better appreciate the economic forces that have shaped our world. As we reflect on the past, it’s worth considering what the next 100 years will bring. Will our future selves look back on today with the same sense of astonishment? If history is any guide, the answer is yes.

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