Monday, January 10, 2011

What Your Money Can Buy

What ~$5300 bought in 1964:

What ~$5300 buys today:

All of this--

PLUS all of this--

Now try to imagine the increased affordability and the innovations which could have occurred in the field of medicine if we had had a fully free market in health care since 1964, instead of the explosion in government control since Medicare in 1965.

(Images from Carpe Diem)



garret seinen said...

Beth this post of your caused me to think of something I saw afew years ago. It was at the Dallas fed site and turns out it was their 1997 report, Time Well Spent - 1997 Annual Report - FRB Dallas
It compares how the hours we work for something has shrunk over the years.

But is that not how we measure productivity - by how much human energy it takes to do something? When we do more in less time we have increased productivity.

HaynesBE said...

The most scarce resource on earth is human labor. To increase productivity is to increase that resource--and the way we increase it is through human ingenuity--the ultimate resource. Thus, humans are both the "problem" (scarce labor) and the solution. Kind of neat, huh?

HaynesBE said...

Garret--Thanks for the recommendation to Time Well Spent. Great article.
Have you also read "By Our Own Bootstraps"? --same authors.