Thursday, April 10, 2014

Real Gasoline Price

Stetson forwarded this chart:

It’s not uncommon for people outside of macro classes to suffer from the illusion that things have gotten more expensive. Of course, the evidence that things have not gotten more expensive is all around them — in overflowing closets, garages, basements … and that phenomenon that was unheard of before the late 1980’s … storage units. But people are still in denial.

Don Boudreaux, writing at Café Hayek, has made a cottage industry out of converting old and new nominal prices into the (real) amount of time you’d need to work to afford products. There are many of these posts on that site, but here’s one comparing 1982 to 2014.

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