prices of "houses" is really mostly land. the replacement of the building itself is a very small fraction in most in-demand locations. So yes, land went up. Al

prices of "houses" is really mostly land. the replacement of the building itself is a very small fraction in most in-demand locations. So yes, land went up. All other examples you are citing are depreciating, non-scare items. It's not that it's "better" or anything, but we can make way more of iphones/etc. However, there is only one Switzerland and only one Manhattan.