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Post by Baron von Lotsov on May 28, 2024 10:55:33 GMT
There is something the Daily Mail crowd are rather ignorant of. I can't find the reference myself but I seem to recall it was from Modigliani who stated that in an economy over time we have inflation, but since everything inflates together your would think the number of hours you work in a particular job would pay for the same things as perhaps they did 50 years ago or be cheaper in terms of your wages due to the advance of technology. However the reverse can happen and it is to do with human labour. As technology advances it saves a great deal of human labour, but at the same time the cost of human labour goes up. Take the example of a maid. If you go back to Victorian times it was quite common for the middle class to employ a maid and often more than one. Where in Victorian time this labour was cheap, it is now expensive relative to salary of the buyer, and then you have musicians as well. Back in the past it was quite common to hire musicians to play for you, say a quartet, but to do the same now would be very expensive as a proportion of wage. So what we find is as we progress on in time activities involving human labour get more expensive, but at the same time advanced technology in the past now becomes far more affordable. The original IBM PCs were some £2000 with the XT but a PC today in today's money is maybe a couple of hundred. A TV mid 70s would be £300, now in today's money it is less than that.
What we see in the Mail's examples are the modern day versions of the maid and the quartet, but with fish and chips or pub beer. These trades have changed very little over the centuries. Sure the pub has an electronic till but other than that it is often a close replica of the past in all respects. Beer and fish and chips were so cheap even in my lifetime that you never even thought about the cost back in the past, but in today's world we have people sipping one drink all night due to the incredible markup of the product. We even pay for water!
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Post by Fairsociety on May 28, 2024 10:57:39 GMT
There is something the Daily Mail crowd are rather ignorant of. I can't find the reference myself but I seem to recall it was from Modigliani who stated that in an economy over time we have inflation, but since everything inflates together your would think the number of hours you work in a particular job would pay for the same things as perhaps they did 50 years ago or be cheaper in terms of your wages due to the advance of technology. However the reverse can happen and it is to do with human labour. As technology advances it saves a great deal of human labour, but at the same time the cost of human labour goes up. Take the example of a maid. If you go back to Victorian times it was quite common for the middle class to employ a maid and often more than one. Where in Victorian time this labour was cheap, it is now expensive relative to salary of the buyer, and then you have musicians as well. Back in the past it was quite common to hire musicians to play for you, say a quartet, but to do the same now would be very expensive as a proportion of wage. So what we find is as we progress on in time activities involving human labour get more expensive, but at the same time advanced technology in the past now becomes far more affordable. The original IBM PCs were some £2000 with the XT but a PC today in today's money is maybe a couple of hundred. A TV mid 70s would be £300, now in today's money it is less than that.
What we see in the Mail's examples are the modern day versions of the maid and the quartet, but with fish and chips or pub beer. These trades have changed very little over the centuries. Sure the pub has an electronic till but other than that it is often a close replica of the past in all respects. Beer and fish and chips were so cheap even in my lifetime that you never even thought about the cost back in the past, but in today's world we have people sipping one drink all night due to the incredible markup of the product. We even pay for water!
You are overthinking things, the reason we are being ripped off is because of COVID and the Ukraine war, everything went UP due to both of these events, and the sad fact is they have never come down. |
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Post by Baron von Lotsov on May 28, 2024 12:00:36 GMT
There is something the Daily Mail crowd are rather ignorant of. I can't find the reference myself but I seem to recall it was from Modigliani who stated that in an economy over time we have inflation, but since everything inflates together your would think the number of hours you work in a particular job would pay for the same things as perhaps they did 50 years ago or be cheaper in terms of your wages due to the advance of technology. However the reverse can happen and it is to do with human labour. As technology advances it saves a great deal of human labour, but at the same time the cost of human labour goes up. Take the example of a maid. If you go back to Victorian times it was quite common for the middle class to employ a maid and often more than one. Where in Victorian time this labour was cheap, it is now expensive relative to salary of the buyer, and then you have musicians as well. Back in the past it was quite common to hire musicians to play for you, say a quartet, but to do the same now would be very expensive as a proportion of wage. So what we find is as we progress on in time activities involving human labour get more expensive, but at the same time advanced technology in the past now becomes far more affordable. The original IBM PCs were some £2000 with the XT but a PC today in today's money is maybe a couple of hundred. A TV mid 70s would be £300, now in today's money it is less than that.
What we see in the Mail's examples are the modern day versions of the maid and the quartet, but with fish and chips or pub beer. These trades have changed very little over the centuries. Sure the pub has an electronic till but other than that it is often a close replica of the past in all respects. Beer and fish and chips were so cheap even in my lifetime that you never even thought about the cost back in the past, but in today's world we have people sipping one drink all night due to the incredible markup of the product. We even pay for water!
You are overthinking things, the reason we are being ripped off is because of COVID and the Ukraine war, everything went UP due to both of these events, and the sad fact is they have never come down. Not at all. I was helping to educate forumers on the finer points of economic theory. It was for those who feel intellectually short-changed upon every reading of a Daily Mail article.
The market will rationalise after covid. Morrisons are already running a price match on products Aldi sell.
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Post by Fairsociety on May 28, 2024 12:05:43 GMT
You are overthinking things, the reason we are being ripped off is because of COVID and the Ukraine war, everything went UP due to both of these events, and the sad fact is they have never come down. Not at all. I was helping to educate forumers on the finer points of economic theory. It was for those who feel intellectually short-changed upon every reading of a Daily Mail article.
The market will rationalise after covid. Morrisons are already running a price match on products Aldi sell.
LOL... so that's the basis of your economics. |
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Post by Baron von Lotsov on May 28, 2024 12:27:45 GMT
Not at all. I was helping to educate forumers on the finer points of economic theory. It was for those who feel intellectually short-changed upon every reading of a Daily Mail article.
The market will rationalise after covid. Morrisons are already running a price match on products Aldi sell.
LOL... so that's the basis of your economics. Absolutely. It is called empiricism and is also the basis of science.
I expect to see a market rationalisation of fast food joints. Looking at the suburb of Manchester I used to live in as a student back in the 80s, the high street is nearly all fast food joints now. I think the market is over accommodated, so many should by rights go bust. Tourism in the UK is likewise taking the piss. At Heathrow they wanted 3 quid at WH Smiths for a small bar of chocolate and other stuff. If you were in China the same place would probably charge you 10p. In Japan they have vending machines everywhere that will sell you just about anything you might want on the street or while waiting for public transport. The piss taking and subsidy has to stop here. Lawyers are ruling the world and their accountant thieves.
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Post by Fairsociety on May 28, 2024 12:32:56 GMT
LOL... so that's the basis of your economics. Absolutely. It is called empiricism and is also the basis of science.
I expect to see a market rationalisation of fast food joints. Looking at the suburb of Manchester I used to live in as a student back in the 80s, the high street is nearly all fast food joints now. I think the market is over accommodated, so many should by rights go bust. Tourism in the UK is likewise taking the piss. At Heathrow they wanted 3 quid at WH Smiths for a small bar of chocolate and other stuff. If you were in China the same place would probably charge you 10p. In Japan they have vending machines everywhere that will sell you just about anything you might want on the street or while waiting for public transport. The piss taking and subsidy has to stop here. Lawyers are ruling the world and their accountant thieves.
So Morrison and Aldi form the basis of your economic strategy, and here's me thinking the principle of economics was Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives,.... thanks for enlightening us .... LOL  |
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Post by Baron von Lotsov on May 28, 2024 12:41:26 GMT
Absolutely. It is called empiricism and is also the basis of science.
I expect to see a market rationalisation of fast food joints. Looking at the suburb of Manchester I used to live in as a student back in the 80s, the high street is nearly all fast food joints now. I think the market is over accommodated, so many should by rights go bust. Tourism in the UK is likewise taking the piss. At Heathrow they wanted 3 quid at WH Smiths for a small bar of chocolate and other stuff. If you were in China the same place would probably charge you 10p. In Japan they have vending machines everywhere that will sell you just about anything you might want on the street or while waiting for public transport. The piss taking and subsidy has to stop here. Lawyers are ruling the world and their accountant thieves.
So Morrison and Aldi form the basis of your economic strategy, and here's me thinking the principle of economics was Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives,.... thanks for enlightening us .... LOL They are two of many though. For me they are more important to observe than say electricity suppliers who all charge the same for the same stuff. I'm far more analytical of the things that matter, and food is one of the top ones.
Morrisons seems to be more capitalist of late. They are improving their game, which will mean the piss takers will have a harder time out there. Aldi are also capitalists. We will enjoy the tournament. To a capitalist, this is like watching cricket. |
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Post by Handyman on May 28, 2024 12:43:21 GMT
Absolutely. It is called empiricism and is also the basis of science.
I expect to see a market rationalisation of fast food joints. Looking at the suburb of Manchester I used to live in as a student back in the 80s, the high street is nearly all fast food joints now. I think the market is over accommodated, so many should by rights go bust. Tourism in the UK is likewise taking the piss. At Heathrow they wanted 3 quid at WH Smiths for a small bar of chocolate and other stuff. If you were in China the same place would probably charge you 10p. In Japan they have vending machines everywhere that will sell you just about anything you might want on the street or while waiting for public transport. The piss taking and subsidy has to stop here. Lawyers are ruling the world and their accountant thieves.
So Morrison and Aldi form the basis of your economic strategy, and here's me thinking the principle of economics was Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives,.... thanks for enlightening us .... LOL |
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