But inflation is difficult to calculate. In a later post, I’ll take a page from the work of Michael Cox and Richard Alm and ask: how many hours did the American production worker have to work in 1975 to buy things from the Sears catalog? And how many hours must the average production worker today work if he were to buy 2006 versions of these things?
Wednesday, September 12, 2007
Cafe Hayek - A 1975 Sears Catalog
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