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35 consumer goods take 54.4% to 94.9% less time to earn the money to buy. Most of us begin our work life as unskilled workers. But we learn new skills every day and this allows us to upgrade to higher-paying jobs. In a word, we enjoy career mobility. This is why it is important to follow a person’s path through their economic life.  We create categories to divide populations into groups. Categories can provide useful demographic snapshots. Categories don’t change but people move through categories throughout their lives. This is why in many cases it makes more sense to look at individuals instead of categories. We talk about this issue here. We looked at the time prices of 35 finished goods Read More ›