EconTalk‘s Russ Roberts asks us to party like it’s 1973! Thought experiment: Would you rather spend your dollars today at today’s prices, or in 1973 at 1973 prices? Interestingly, his comparisons use the PCE index rather than the standard CPI, but 1973 still seems bleak compared to today…
READER COMMENTS
Thaomas
Sep 24 2019 at 4:23pm
Do I get to revert to my 1973 preferences?
What would my 1973 self say about a similar comparison with 2019? or 1946?
robc
Sep 24 2019 at 4:58pm
The beer selection is gonna suck in 1973. No thanks.
robc
Sep 24 2019 at 4:59pm
It won’t even be legal to go to the homebrew shop and take care of the problem myself.
john hare
Sep 24 2019 at 5:26pm
For certain commodities, I would take the 1973 prices with my 2019 dollars. Food gasoline etc. For almost any manufactured product, I want what I have now. Any decent 10 year old car today is better than the new offerings of 1973.
Matthias Goergens
Sep 25 2019 at 4:58am
The selection of food will likely be more limited. That’s especially annoying, if you are into exotic foods.
‘Mid-century meals’ are made fun of for a reason.
You’ll probably have a slightly harder time finder fresh produce around all seasons.
Mark Brady
Sep 24 2019 at 8:48pm
Like-for-like real estate would be a lot cheaper in 1973, certainly in the Bay Area where I currently live.
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