braddelong.substack.com/p/briefly-note…
First: The curious thing about the graph below is this: some of the rapidly-growing prices categories—medical-care services, childcare and nursery school, food and beverages—are overwhelmingly personal and personal-care services that are still... 1/
First: The curious thing about the graph below is this: some of the rapidly-growing prices categories—medical-care services, childcare and nursery school, food and beverages—are overwhelmingly personal and personal-care services that are still... 1/
...largely one-on-one and that we should have expected to roughly track wages; some (college textbooks) are the result of market power being exercised; some (college tuition) are the result of government withdrawal of financial support for higher education; and some... 2/
...(hospital services) are the result of a complicated cost-allocation game in a sector that is experiencing remarkable although not especially cost-reducing technological progress (it is, rather, capability-expanding technological progress). These are different processes... 3/
...than the normal technological progress ones (cars, furnishings, clothing) or the infotech revolutionary ones (TVs, toys, software, cellphones). We should, IMHO, be talking systems reform rather than tech application here... 4/END
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