Changing Times, Changing Prices
... or why Agatha Christie could afford to hire two servants, but not buy a car.
It boils down to an economic principle first elucidated by William Baumol. Although not all jobs enjoy the same increases in productivity from automation, the wages of the jobs that aren't so affected are pulled up by the increase in productivity of the jobs that are ( Read more... )
It boils down to an economic principle first elucidated by William Baumol. Although not all jobs enjoy the same increases in productivity from automation, the wages of the jobs that aren't so affected are pulled up by the increase in productivity of the jobs that are ( Read more... )
Comments 1
"Remember"? I have a checkbook. I pay about half my bills by writing checks, including my estimated taxes and my rent. I've never used my phone to pay anything; I don't think it's secure enough.
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