Stuff Cheap, People Expensive

Source: New York Times

This prissy graph appeared inwards the New York Times (link). Of course of written report they had to ruin it alongside a rant almost inequality.

The deeper signal is that things are getting cheaper as well as cheaper, as well as people -- services provided alongside their expertise -- are getting to a greater extent than as well as to a greater extent than expensive.

On the dorsum of my mind: What does the economic scheme hold off similar when goods are essentially free, as well as all value consists of paying other people for their expertise?

I explored this a picayune inwards roofing Larry Summers' Martin Feldstein speech.  But it remains, I think, an of import query for deep microeconomic research.

In simply almost whatever transaction you lot name, from electronics to fashion to wellness care, most of the value comes from the expertise of the seller, non the physical good.

The characteristics of the production, value, as well as sale of expertise are completely dissimilar from those of the criterion widget.  Just the mensuration of gross domestic product as well as inflation inwards such a basis enhance lots of opened upward questions.