DYSPEPSIA GENERATION

We have seen the future, and it sucks.

Book Review: Why Are The Prices So D*mn High?

10th June 2019

Read it.

Put another way, a violinist can always choose to stop playing violin, retrain for a while, and work in a factory instead. Maybe in 1826, when factory owners were earning $1.14/hour, violinists were earning $5/hour, so none of them would quit and retrain. But by 2010, factory workers were earning $26.44/hour, so if violinists were still only earning $5 they might all quit and retrain. So in 2010, there would be a strong pressure to increase violinists’ wage to at least $26.44 (probably more, since few people have the skills to be violinists). So violinists must be paid 20x more for the same work, which will look like concerts becoming more expensive.

This should happen in every industry where increasing technology does not increase productivity. Education and health care both qualify. Although we can imagine innovative online education models, in practice no matter how much technology we can, one teacher teaches about twenty to thirty kids per year.

I’ve been saying this for years.

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