On this day in 1977: supercomputer Cray-1A delivered to first customer. It had less power than a smartphone and would cost $38 million today.pic.twitter.com/iLJFlz2Ouk
Incidentally, the CPI is misleadingly high as a result of deliberately excluding such price changes.
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What a statement!!!!
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Why am I convinced that in 1977 a super computer did not belong in the basket of goods tied to cost of living? I didn't think CPI should indicate tech advancement. In fact, it seems including such tech advancement would be counter productive to understanding monetary inflation.
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Supermarket prices are much higher.
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Excluding it makes sense to me. It doesn’t seem like $/FLOP would be a good predictor of the basic cost of living.
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