You’ve probably seen this chart from Mark Perry at the American Enterprise Institute.

I’ve seen this chart dozens of times and have always enjoyed how many different and important stories it can tell.

There is a story of the incredible abundance offered by technological growth and globalization. Compared to average hourly wages, cars, furniture, clothing, internet access, software, toys, and TVs have become far more accessible than they were 20 years ago. Flatscreens and Fiats that were once luxuries are now commodities.

There is also a story of sclerosis and stagnation. Sure, lots of frivolous consumer goods have gotten cheaper but healthcare, housing, childcare, and education, all the important stuff, has exploded in price. Part of this is “cost disease” where the high productivity of labor in advancing industries like software, raises the cost of labor in slower productivity growth industries like healthcare. Another part [...]

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