Sunday, December 29, 2013

Betting that things will get better

A nice big picture respite from the plethora of bad news (theSpeculist via Instapundit):

Nobody wants wages to go down, but if costs fall even more sharply, our relative economic health can remain the same or even improve. This is why everybody has a better TV even though wages have been flat for some time. The potentially bigger problem is all of those people being out of work. Even if costs go down, having a roof over your head, an internet connection, electricity, and feedstock to put into your 3D printer are all going to have some price associated with them. On the other hand, while the workforce is the smallest it’s been in 30 years, quality of life has over that time improved distinctly by many measures. The smart money says it’s going to continue to improve. Substantially.

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