I think I certainly don't deny life was very hard for many people in this time period. The idea of using standard living or real wages is an attempt to get some objective measure that is somewhat cross a wide part of the population. Why did immigrants come to the United States? It was horrible on the surface. My contention would be maybe it wasn't as bad as it looks to us today. But more importantly, maybe they thought there was a future for their children and grandchildren.
Economist and author Daron Acemoglu of MIT discusses his book Power and Progress with EconTalk host Russ Roberts. Acemoglu argues that the productivity and prosperity that results from innovation is not always shared widely across the population. He makes the case for the importance of regulating new technologies to ensure that the benefits of innovation are distributed equitably.