Ain’t Capitalism Great? Price Changes Over The Last 20 Years

So, the things that capitalism produces have fallen in price over the past couple of decades. That’s the pure and unadorned free market capitalism that is. The things where we’ve a managed sorta capitalism have still fallen relative to wages. The things where the government is rather more responsible for production – education and healthcare – have risen in price with respect to wages.

This is the argument that government should run more of the economy of course.

No, don’t laugh, it is. Because these things are rising in price is exactly why, so the argument goes, government must regulate and control more, so as to lower the price.

Agreed, it might not be the finest argument ever but it is one that is used.

Sigh.

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Matt Ryan
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Matt Ryan

I’m sure the argument will be that medical treatment is getting more expensive because they can do so much more now. Or that negligence insurance adds cost (because people sue more now).

Of course my TV is now smart with OTT video apps and we are using smartphones instead of brick sized dumb phones. Which have got better whilst undergoing serious deflation in cost.

David Moore
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David Moore

There is also the additional argument that people are choosing to spend more on medical treatment as well, which causes any NHS fan to spin out in the most dramatic way imaginable.

College is seeing this effect where people spend with very little regard to the actual outcome, i.e. $80,000 a year for a womans studies degree at Brown vs. $50,000 a year for maths at MIT.

Quentin Vole
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Quentin Vole

Ah but you’ve got to be quite good at Maths to get on an MIT maths course (I assume). Whereas anyone with a pulse and sufficient financial resources can take “women’s studies” at Brown (though why anyone would want to is a question for psychiatrists).

Matt Ryan
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Matt Ryan

You get a free Pussy Hat with each enrolment?