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42 sats \ 1 reply \ @denlillaapan OP 24 Oct \ parent \ on: MONEY CLASS OF THE DAY: Money Illusion and Unit Bias, Bitcoiner style econ
  1. I don't quite follow your quibble, please elaborate.
  2. Yes, productivity should bring average prices down. But urbanisation + tourism + baumol cost disease makes me think that high-end downtown restaurants may reasonably charge higher real prices regardless.
    = Basically, they can sell to a lot higher-income earners today than in 1968... and don't face competition from low-wage countries since what they sell is nontradable
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33 sats \ 0 replies \ @Undisciplined 24 Oct

The quibble is that generational wealth is inherently about future purchasing power, not present cost.

So, someone may (will) end up being wrong about 1000 sats being generational wealth, but it's not because of how much it's worth now.

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