December 2014

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Note what has happened. Many -- all? -- of these services were provided for the rich by human labor at, say, the beginning of the 20th century. Today, the devices substitute for human labor which has become more expensive in goods terms than ever before. Technological progress is continually replacing human labor with devices, machines. This was often condemned by labor unions as putting people out of jobs. In reality it is the source of the ever increasing product-command value of human labor.

However, unlike you and Pete Boettke I am not entirely comforted by the fact that the Smith-Schumpeter horse is faster than the political horse. Why? Because freedom is not wealth. I want freedom more than a better television.

Do you know how much the price of a Big Mac has risen since 1973?

The Big Mac is an excellent deflator since it has remained unchanged in composition since 1973.

According to The Economist a Big Mac was $1,60 in 1986 and in 2009 $ 3,57.

Well, in terms of bread I think that the purchasing power of hourly wages stagnated in the US in the last 40 years.

An interesting post. However, I have to disagree with your view that the coffee pot is more durable now than it was in 1973, in that I have gone through 4 in the past 3 years.

Cheers

Well, in terms of bread I think that the purchasing power of hourly wages stagnated in the US in the last 40 years. http://mediafiretorrent.com

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