Buffett Remembers: John Rockefeller, the World's Richest Man at the Time, Had No Anesthesia for Tooth Extraction and Had to Attend Football Games in Person
The Living Standards of Ordinary People Have Surpassed Those of Historical Billionaire Rockefeller
Berkshire Hathaway CEO Warren Buffett pointed out that John Rockefeller, as the world's richest man at the time, had no anesthesia available for tooth extractions and had to attend football games in person; today, the bottom 2% of income earners in the U.S. can watch high-definition replays at home via smartphones and access medical, transportation, and entertainment services far superior to those of Rockefeller's time.
The widespread availability of modern medicine, communication, and infrastructure has allowed ordinary people to achieve a quality of life that surpasses that of historical billionaires. Even with immense wealth, Rockefeller could not purchase today's basic medical services.
Technological advancements driven by events continue to elevate the baseline living standards for the public, benefiting innovation and infrastructure, while historical comparisons relying solely on absolute wealth face pressure.
Source: Public Information
ABAB AI Insight
Buffett reveals through the Rockefeller case that it is the diffusion of technology, not the scale of personal wealth, that truly changes quality of life; anesthesia, instant media, and modern medicine are all results of public technological progress.
In terms of resource mobilization, society rapidly disseminates innovative achievements to ordinary income groups through markets and institutions, motivated by cost reductions driven by economies of scale and competition, turning once-luxurious items into everyday necessities.
Similar paths can be seen in the history of electricity, antibiotics, and the internet transitioning from elite exclusivity to universal accessibility, with the current phase compressing the "exclusive to the rich" boundaries further through AI and biotechnology.
Essentially, this is a technological substitution: the diffusion of technology redefines the essence of "wealth," with the mechanism being that innovations with marginal costs approaching zero significantly narrow the absolute wealth gap in terms of life experiences.
ABAB News · Law of Cognition
Technological diffusion enhances life more than wealth concentration.
What the richest cannot buy is often what has yet to be invented.
What ordinary people have today is often the aspiration of yesterday's billionaires.