How the price of consumer goods has changed over time

You can see that things that are necessities have increased in relative price. This could be due to a real scarcity in the market. Necessities have genuine supply chain issues that go back decades.
In contrast, the price of luxury items has largely stayed the same or decreased, and this may be due in part to artificial scarcity.
Homes are prohibitively expensive to build, and the technology and materials haven’t really changed much over the decades. It is rare you will see a house torn down and rebuilt but renovations are common.
It is quite remarkable how the cost of college tuition have continuously increased. Student loans are guaranteed by the government. Colleges can effectively charge whatever they want with no risk of default. Even in bankruptcy or death, student loans can be erased.
Another way to look at this is that education and healthcare have inelastic demand where they demand for these does not change based on price change. Consumer habits stay largely the same whether the price increases or decreases. In contrast, elastic demand experiences significant change in demand when the price changes. Medication is inelastic but luxury items like vacations and jewelry is elastic.
Works Cited:
https://www.investopedia.com/terms/e/inelastic.asp
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