It's an issue with inflation calculation too. Sure, product X (house, car, whatever) is twice as big, but now it also costs twice as much - can we really say that doesn't represent inflation when the smaller, cheaper version is no longer being made?
Yes, exactly. Same issue with cellphones: They’re more powerful and have better cameras, but many people are paying more to use the same apps they used a decade ago, even though inflation numbers say they’re getting a better deal.
Comments
It's an issue with inflation calculation too. Sure, product X (house, car, whatever) is twice as big, but now it also costs twice as much - can we really say that doesn't represent inflation when the smaller, cheaper version is no longer being made?
Yes, exactly. Same issue with cellphones: They’re more powerful and have better cameras, but many people are paying more to use the same apps they used a decade ago, even though inflation numbers say they’re getting a better deal.