the main thing you should take from this thread is not whatever object level conclusion he suggests by the end (havent read that far) but rather the meta lesson that if faced with a question requiring sensitive longitudinal macro data to answer correctly you should simply give uphttps://twitter.com/oren_cass/status/1230505649794166785 …
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original tweet has spawned an ongoing thread of people trying to answer the question with theories involving four trends with multiple subtrends and numerous conditional claims if I hadnt already done so this would be a good time for me to claim victory
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I think this one has a pretty easy answer though, he's not counting the 52 weeks of unpaid household labor that used to be in place via the wife alongside the 30w of paid labor from the husband
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Also seems to glide over the fact that there's a strong secondary market in most everything these days with much lower frictions and lemon issues on big ticket items
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hedonics is an interesting question + hard to deal with but this seems to be about a simpler thing, which is "what is the minimum amount of money you need to pay" modern (arguably) hedonically-superior options that cost more money supplanted older, cheaper ones
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Top Epicurean scientists are working tirelessly to quantify hedons in many aspects of the economy
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I think it is clearly and unambiguously true that we are in aggregate better off today than in 1990. The question is not if, but how much? This means these issues matter a *little* less, but still a lot for questions like “what was the average level of real interest rates?” etc
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If you are counting China and Africa in your aggregate, then I agree. If we are talking about the United States only I am not yet convinced.
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Aside from being the most empirically sound response, it's also quite freeing:https://twitter.com/the_heavy_stuff/status/1043935897832615937?s=20 …
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