Mark Perry does a great chart that illustrates the relative changes in the nominal prices of a variety of products and services. What is the difference between growing abundance and growing scarcity? In a word, government. Read More ›
In economics the law of supply decrees that as price increases, the quantity supplied also increases. In other words, the classical supply curve is upward sloping. This is true in a world with no learning. But every time an additional unit is produced and acquired by a consumer, producers get better at making it and consumers get better at using it. Both parties are learning and growing the knowledge base. Read More ›
