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When you consider that an iPhone can fit in your pocket and has many
apps and features that were either not available in 1991 (GPS, text
messaging, Internet access, mobile access to movies, more than 900,000
apps, iCloud access, etc.) or not listed in the 1991 Radio Shack ad
(camera, photo-editing), it’s amazing how much progress we’ve made in
just several decades, and how affordable electronic productions have
become.
The comparison above is an example of the “invisible hand” at work,
giving us more goods, better goods, and cheaper goods over time. And the
poor and middle class benefit the most. While only the wealthy might
have been able to afford the bundle of 13 electronic products costing
$5,000 in 1991 (in today’s dollars), almost anybody today can afford an
iPhone with features that far exceed the 13 products in 1991.
Source: Mark Perry, "1991 Radio Shack Ad: 13 Electronic Products for $5k (and 290 hrs. work) Can Now Be Replaced with a $200 iPhone (10 hrs.)," carpediem.com, January 25, 2014
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