Innovation Is Deflationary

The world has changed a lot in the last 40 years, and we have innovation to thank for almost all of it. In the 1970s, the bottom 10% of earners couldn’t afford a car, a TV, an apartment…anything. Today things are different. No matter how poor you are, you can afford all sorts of things — two TV sets, a car, an Xbox, two computers air conditioning, and still be in the bottom 10% on the economic scale. The data says that incomes haven’t really increased at all, but our buying power has increased dramatically over the years.

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