There is no great stagnation: Coffee edition

posted by
December 22, 2011
Foundation for Economic Education
by Steven Horwitz  
Posted in Commentary

"In a previous column I took on Tyler Cowen’s argument that the last few decades have been a period of 'stagnation,' devoid of major wealth-enhancing innovations, by exploring how easy it was for me to order a part for my gas grill compared to a decade or two earlier, thanks to gains in technology and trade that have massively reduced transactions costs.  One point I made is that much of the conventional economic data overlook the gains to well-being that come from my being able to find and order that part in a few minutes and have it delivered to my door in a few days." (12/22/11)  

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