4 ms·
The sectors of the economy that are becoming more expensive every year – which are preventing people from building durable wealth – include real estate and educ
by Pamar 5y ago
The sectors of the economy that are becoming more expensive every year – which are preventing people from building durable wealth – include real estate and education, both items that are sold by the promise of irreplaceable “experiences.” Healthcare, too, is a modern experience that is best avoided. As a percent of GDP, these are the growing expenditures that are eating up people’s wallets, not durable goods.
I don't find this type of reasoning very persuasive.
First of all, "experiences" like live music or tourism seem to be conspicuously absent ("education" is an experience?! healthcare? People want to pay for the experience to be in a hospital?).
This, in turn, makes me wonder what the author has in mind when he talks of "durable goods". A laptop? A camera? a fridge?
- gonzo41 5y agoA bike, a good tent, a decent sleeping bag, a comfortable pack. Own those thing and go find your own experiences. All of what I listed may not be durable forever, but for the cost they go a good while. When I'm 80, I don't want to spend 80% of my wealth on living another year.
- SamoyedFurFluff 5y agoI’m nowhere near 80 but I have health conditions which necessitates regular medical intervention and prescribed medication to keep me alive. By this logic I should just lay down and die instead of trying to get better??
- gonzo41 5y agoI shattered my collar bone into about 5 big chunks from mountain biking in my twenties. It would have been fatal (after a long infection) a 100 years ago. I'm glad I got it fixed. I was speaking in the general case about the point of medical care that doesn't balance out economically. I'm not so nihilistic to say that people shouldn't live they life they have, but it's pretty well known the most expensive health care people get is usually right at the end of their lives. Chronic conditions aside of course.
- SamoyedFurFluff 5y agoEveryone is eventually going to be in my position over time. But you’re currently describing my life as not worth the cost of living.
- giantg2 5y agoI don't think that's what they are saying. They specifically said they wouldn't want to spend 80% of their wealth at 80yo to live for another year. It sounds like that's their choice, but made no mention of applying this to others. Their scenario is an 80yo living for one more year. It sounds like that's significantly different than your scenario.
- ejb999 5y ago
- Pamar 5y agoI am not contesting this. I am arguing against stuff like "education is an experience-type product". Usually - at least nowadays - you "buy" (i.e. put money and time) in pursuit of some kind of education (be it a degree or a Kubernetes bootcamp or whatever) in order to increase your chances to get a good job. And even for stuff which is not about markeatable skills (like, I dunno, painting lessons) I doubt that the actual cost would be significant enough to make a dent in their investment opportunities.
- soco 5y agoIndeed this is more than weird. My mind simply cannot grasp why on earth would somebody advocate for dumbing down the education or healthcare. It's not like they perform that great, or that they're optional/luxury/impulse.
- frankus 5y agoMy read is that the author is using "experience" to mean "something produced in a low-productivity sector" and "thing" to mean "something produced in a high-productivity sector", which is definitely an idiosyncratic interpretation of those words.