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.