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In 1991 it would have cost about $3000 to do what your iPhone can do now

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In 1991 it would have cost about $3000 to do what your iPhone can do now Empty In 1991 it would have cost about $3000 to do what your iPhone can do now

Post by confuzzled dude Sat Feb 01, 2014 9:33 pm

"Buffalo writer Steve Cichon dug up an old Radio Shack ad, offering a variety of what were then cutting-edge gadgets. There are 15 items listed on the page, and Cichon points out that all but two of them — the exceptions are a radar detector and a set of speakers — do jobs that can now be performed with a modern iPhone."

"This example is important to remember in the debate over whether the government's official inflation figures understate or overstate inflation. In computing the inflation rate, economists assemble a representative "basket of goods" and see how its price changes over time. This isn't difficult when the items in the basket are milk or gallons of gasoline. But it becomes extremely tricky when thinking about high-tech products. This year's products are dramatically better than last year's, so economists include a "quality adjustment" factor to reflect the change. But making apples-to-apples comparisons is difficult."

http://www.washingtonpost.com/blogs/the-switch/wp/2014/01/31/todays-iphone-is-more-useful-than-3000-worth-of-gadgets-from-a-1991-radio-shack/?hpid=z3

confuzzled dude

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