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1960s economyVox
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80% Informative
William Baumol , an economist who just died at the age of 95 , had a famous idea that explains a lot about our modern world.
It explains why barbers make more in San Francisco than in Cleveland and why services such as health care and education keep getting more expensive.
David Frum : It's a powerful tool for understanding the modern economic world.
As manufacturing has gotten more efficient, the price of manufactured goods like T-shirts and televisions has fallen.
At some point, our living rooms and closets get full and we don't need any more of this stuff, so we spend less and less on it as prices fall.
As a result, more and more of our economy is devoted to producing these services, and more workers are focused on providing them.
The problem is that if a large majority of your labor force is in low-productivity service sector jobs like nurses, lawyers, and nannies.
VR Score
82
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81
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57
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