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Why have prices of health care & education gone up SO much? (~200% in just 20 years)
My latest podcast is with economist @ATabarrok who blames a phenomenon called the Baumol Effect. Audio + transcript: http://rationallyspeakingpodcast.org/show/rs-236-alex-tabarrok-on-why-are-the-prices-so-dmn-high.html …
Lots of interesting questions here! Thread: (1/n)
I'm skeptical: have wages skyrocketed across all skilled-work sectors with low productivity growth? Clearly not; see e.g. yoga classes. Additional features seem necessary: the goods/services aren't fungible with others & there are significant barriers to entry for providing them
This is consistent with Alex's huckleberry example; to most people, huckleberries & other berries are roughly fungible. As other berries become cheaper, it's reasonable to expect more people to eat those & price-insensitive consumers to buy *some* huckleberries at a high price
Show me a sector — *any* skilled sector — where productivity is flat(ish) AND there are minimal barriers to entry/enforced caps on entry AND there are alternatives to consumption that *aren't* under these same pressures... where costs have risen anywhere near so substantially.
Information asymmetry the discriminant
Baumol's cost curve is probably real. But as an explanation it also smacks of a lot of "we've tried nuthin' and we're all out of ideas"
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