This Youtube video is based on a talk by Don Boudreaux. For those who think things were better in the past than today, this is a gentle reminder of how technology and ingenuity is improving the human condition.
Really interesting. A difficulty with economics is that we measure everything essentially with a ruler that's constantly changing - the dollar. Measuring the cost of things in labor hours is putting cost on a real basis. I would like to see a much more extensive list in terms of labor hours - cost of tuition at Harvard, cost of stay in Greater Baltimore Medical Center, cost of Lady GaGa tickets at Verizon Center etc. On an overall basis it is generally accepted (I believe) that the real wage has fallen over the past 2 decades. It would be interesting to reconcile this with Boudreaux's findings.
As you well know, any politician or economist worth their salt can find statistics that back up their point of view. It's hard finding truly impartial measurements that convey reality, which is why I thought Boudreaux's findings made for an interesting counterpoint to much of what is accepted as fact today that wages have been stagnant for decades.
Really interesting. A difficulty with economics is that we measure everything essentially with a ruler that's constantly changing - the dollar. Measuring the cost of things in labor hours is putting cost on a real basis. I would like to see a much more extensive list in terms of labor hours - cost of tuition at Harvard, cost of stay in Greater Baltimore Medical Center, cost of Lady GaGa tickets at Verizon Center etc.
ReplyDeleteOn an overall basis it is generally accepted (I believe) that the real wage has fallen over the past 2 decades. It would be interesting to reconcile this with Boudreaux's findings.
As you well know, any politician or economist worth their salt can find statistics that back up their point of view. It's hard finding truly impartial measurements that convey reality, which is why I thought Boudreaux's findings made for an interesting counterpoint to much of what is accepted as fact today that wages have been stagnant for decades.
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