The pace of technology in our world today is faster than it has ever been. We go out and buy the newest phone out on the market with all of the bells and whistles and the newest innovations and then a few months later it is obsolete as there’s a newer, better phone available. We always hear about how technology is benefiting our society. It boosts productivity and innovation, it provides greater accessibility to products and services and it allows for greater opportunities.
Technology provides great benefits, but are we using it in the right way? According to a chart created by Our World in Data showing the price changes in consumer goods and services over the last 20 years, we may not be using technology in the best way.
The chart shows that the price of TVs, clothes, software, toys and cars have either stayed the same or plummeted. At the same time the cost of things that everyone really, truly needs– such as healthcare, tuition, and childcare– has skyrocketed.
Are we taking all of the benefits from technology and putting them into the wrong things? My question is, if technology can create better productivity, innovation and opportunity, why aren’t we seeing that chart flipped?
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