Planning a large holiday meal? Chances are it will cost you less than it would have just a few decades ago.
It is incredible how quickly markets can bring down prices. In 1979, a convection oven cost $219.99. In 2015? Only $39.88 at Walmart. But that's not all there is to this discount.
According to the U.S. Bureau of Labor Statistics, average hourly wages have increased. If we calculate the cost of a convection oven in terms of hours of labor for an average worker, we find that the cost has fallen from 34 hours of labor in 1979 to a mere 1.9 hours of labor in 2015. That's a 94% discount!
Explore HumanProgress.org to learn more about how when market competition thrives, prices tend to decrease—whether for groceries, material goods, technology, common services, or specialized procedures.
Chelsea Follett is the managing editor of HumanProgress.org.