The period from 1870 to 1913 witnessed the most spectacular economic growth in human history, and you can thank the gold standard for making it possible. Real wages doubled in America. Railroad mileage exploded from 53,000 to 254,000 miles. Steel production increased twenty-fold. Population centers transformed into industrial powerhouses virtually overnight. Sound money created the foundation for genuine capital accumulation.
Under gold, entrepreneurs could calculate decades into the future without worrying about central bankers debasing their savings. Andrew Carnegie built his steel empire because he knew the purchasing power of his profits wouldn't evaporate through monetary manipulation. John D. Rockefeller revolutionized oil refining because stable money allowed long-term planning. These men risked enormous sums precisely because gold prevented government from stealing their wealth through inflation.
The productivity gains were staggering. Between 1880 and 1900, manufacturing output per worker increased by 65 percent. Prices fell consistently (deflation was normal and healthy), which meant your purchasing power grew every year you delayed consumption. Real interest rates reflected actual time preference and productivity, not central bank targets. Capital flowed to its most productive uses because price signals weren't distorted by monetary debasement.
Compare this to our fiat era: since 1971, productivity growth has stagnated, real wages have barely budged, and asset bubbles have replaced genuine wealth creation. The Federal Reserve calls 2% annual theft "price stability" while wondering why inequality keeps rising. They've replaced the automatic discipline of gold with the arbitrary whims of PhD economists who think they can fine-tune a $26 trillion economy.
You want to understand why your generation can't afford houses while previous generations built transcontinental railroads? We abandoned the monetary system that funded the greatest economic boom in recorded history.