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The Myth of Technological Progress
Regulators often justify low inflation by claiming that goods are becoming more technologically advanced. If a smartphone price increased by 20% but received a better camera, the official index might show zero price growth because the price is "adjusted" for improved specifications.
In practice, if you don't need that camera and just want a reliable device for calls, you faced a real inflation rate of 20%. The consumer is deprived of choice: budget models disappear from shelves, replaced by expensive "loaded" versions.
Quality, imposed from above, is a form of hidden inflation.
#economy #consumption