Stuff Cheap, People Expensive

Source: New York Times

This prissy graph appeared inwards the New York Times (link). Of course of educational activity they had to ruin it amongst a rant close inequality.

The deeper betoken is that things are getting cheaper together with cheaper, together with people -- services provided amongst their expertise -- are getting to a greater extent than together with to a greater extent than expensive.

On the dorsum of my mind: What does the economic scheme hold off similar when goods are essentially free, together with all value consists of paying other people for their expertise?

I explored this a lilliputian inwards roofing Larry Summers' Martin Feldstein speech.  But it remains, I think, an of import enquiry for deep microeconomic research.

In only close whatever transaction yous name, from electronics to fashion to wellness care, most of the value comes from the expertise of the seller, non the physical good.

The characteristics of the production, value, together with sale of expertise are completely dissimilar from those of the touchstone widget.  Just the measure of gross domestic product together with inflation inwards such a earth heighten lots of opened upwards questions.