Great stuff, Brendan! I never thought about the price of time and how it affects pricing but this is really insightful.
It will be interesting to see how people adapt to increasing costs for medicine and higher education.
I was surprised to see the price of cars has not gone up as much unless that is because the need for laborers has decreased because of technological advances in putting cars together.
Yeah, I would take it that with manufactured products, technology has allowed the number of human hours involved to consistently decrease over the decades, and this has helped to balance the increasing sophistication of cars which would otherwise make them more expensive.
Great stuff, Brendan! I never thought about the price of time and how it affects pricing but this is really insightful.
It will be interesting to see how people adapt to increasing costs for medicine and higher education.
I was surprised to see the price of cars has not gone up as much unless that is because the need for laborers has decreased because of technological advances in putting cars together.
Andy,
Thanks!
Yeah, I would take it that with manufactured products, technology has allowed the number of human hours involved to consistently decrease over the decades, and this has helped to balance the increasing sophistication of cars which would otherwise make them more expensive.