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Rationally Speaking #236 - Alex Tabarrok on "Why are the Prices So D*mn High?"
Rationally Speaking Podcast
Why Are the Prices So High?
In 1826, it takes four people 40 minutes to produce a string quartet. In 2019, the average wage is more like $25 an hour. So there's been zero increase in productivity over that 180 years or so. Well, they might be better musicians, which could count as productivity. They might be, but they don't have to be, right?
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