Has the cost of living been rising, or falling?

3 Responses to “Has the cost of living been rising, or falling?”

  1. According to you, Tom, there is only one thing that has gone up in through the decades: our pay. Could it be that, in fact, the reason why everything else has become cheaper is because our time at work has increased in price? Of course, this means the same thing, that our cost of living in terms of working hours has gone down.

  2. Tom Palmer

    Carlos, that sums it up. (To say that the price of labor has increased is to say that it is more productive, partly because it is combined with more capital.)

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