One way to illustrate your good fortune of being a holiday shopper
today is to measure the cost of consumer goods by the number of hours it
takes working at the average hourly wage to earn enough income to
purchase typical consumer products at their retail prices, and then
compare the “time cost” of goods from the past to today’s “time cost”
for similar items (this is an update of a CD post in 2009). (Don Boudreaux has been featuring some similar comparisons in a series on Café Hayek titled “Cataloging Our Progress,” which inspired this post.)
For example, the retail price of an automatic Kenmore two-slice toaster advertised in the 1958 Sears Christmas Catalog
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For example, the retail price of an automatic Kenmore two-slice toaster advertised in the 1958 Sears Christmas Catalog
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