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I think the mistake being made is that people continue to expect the same quality at the same price and ignore inflation. So they complain that the $100 bookshe
by jdmichal 12y ago
I think the mistake being made is that people continue to expect the same quality at the same price and ignore inflation. So they complain that the $100 bookshelf they buy in 2015 is nothing like the $100 bookshelf they bought in 1960. Well, thanks to inflation that $100 in 1960 is actually about $800 in 2015, and that $800 bookshelf in 2015 likely is a better quality. In 2015, for $100 you are buying a product that didn't exist in 1960: a bookshelf for $12.50. Technology has raised the quality at the same inflation-adjusted price point, but has also introduced new items at lower price points.
- WalterBright 12y agoTrue. There's also survivorship bias at work - the only things left from earlier times are the good items, as the junk was discarded years ago.