The limited supply is because natural resources (especially oil) are now competed for by a much larger percentage of the world (ie. higher demand). Even the population of the US is much larger, contributing to the same result. The outsized wealth of Americans from a generation or two ago, was a mirage, and an incredible aberration in history; predicated on the exploitation, and relatively unfettered extraction of resources from around the world.
The numbers say (inflation adjusted) per capita GDP is a lot higher in just every developed country than it was a generation or two ago. If inflation was the reason, as you suggest, that would not be the case.
It's almost as if per capita GDP isn't a great measurement of general quality of life.
I never said it had anything to do with inflation. There are a lot of factors, as I said, geopolitics, demographics, emerging technologies and industrialization, etc. But it is ridiculous to think that supply and demand has nothing to do with where we find ourselves. There are certain fixed or constrained resources (land, etc) that more people are competing for today than ever before. The world population has doubled (or more) since the glory days of the USA, if nothing else.
> The limited supply is because natural resources (especially oil) are now competed for by a much larger percentage of the world (ie. higher demand).
Prices are higher because of high demand - i.e. inflation.
> There are certain fixed or constrained resources (land, etc) that more people are competing for today than ever before
That has been true for all of human history. Population has been growing.
What has also been true is that technological advances have easily kept ahead of this for all of human history.
> The world population has doubled (or more) since the glory days of the USA, if nothing else.
The world population is also a lot more productive.
Most of those people used far less energy than we do today. They had less tech, less manufactured goods, smaller houses, etc.