>The lines in blue are the sectors where technological innovation is allowed to push down prices while increasing quality. The lines in red are the sectors where technological innovation is not permitted to push down prices; in fact, the prices of education, health care, and housing as well as anything provided or controlled by the government are going to the moon, even as those sectors are technologically stagnant.<p>Or that the blue lines are products that China produces. The red lines are services that the US has to produce domestically.
This is just a well known Baumol’s cost disease…<p>Even the chart is the same?<p><a href="https://en.wikipedia.org/wiki/Baumol_effect" rel="nofollow">https://en.wikipedia.org/wiki/Baumol_effect</a>
>> We had two such anti-technology jobs moral panics in the last 20 years — “outsourcing” enabled by the Internet in the 2000’s, and “robots” in the 2010’s. The result was the best national and global economy in human history in pre-COVID 2019, with the most jobs at the highest wages ever.<p>Billionaire downplays effects of job displacement/replacement for low-income workers, gee, what else would anyone expect?<p>The internet era created MASSIVE amounts of job and opportunity growth for all levels of workers. AI doesn't offer the same for low-income workers, it's primarily aimed at business OWNERS.<p>There's a big difference.<p>>> Why? The sectors in red are heavily regulated and controlled and bottlenecked by the government and by those industries themselves.<p>OMG, billionaire OVERSIMPLIFIES and complains about regulations in healthcare, which protect people's lives. Why do people fall for this crap? I'm sure unregulated healthcare would cause prices to drop. And quality.