Wealth & Poverty Review Time Pricing Mark Perry’s Chart of the Century
Since 2000 hospital services became 37.7 percent less abundant while TVs became 10,090 percent more abundant.
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Professor Mark Perry publishes a chart illustrating the percentage change in the nominal prices of a variety of U.S. Consumer goods and services on a regular basis. He also notes the change in average hourly wages. His data comes from the Bureau of Labor Statistics (BLS). This is a great chart but note that prices can increase to infinity but can only decrease by 100 percent (then they become free).
We have compared each product to the change in average hourly wages to get the change in the time prices. The times prices are then compared over time to measure changes in abundance. This bar chart illustrates these changes.