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

This is a Hitskin.com skin preview
Install the skin • Return to the skin page

Coffeehouse for desis
Would you like to react to this message? Create an account in a few clicks or log in to continue.


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

Coffeehouse for desis :: Coffeehouse :: Coffeehouse Main

Go down

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

Posts : 10205
Join date : 2011-05-08

Back to top Go down

Back to top

- Similar topics

Coffeehouse for desis :: Coffeehouse :: Coffeehouse Main

 
Permissions in this forum:
You cannot reply to topics in this forum