Okay, you are going to laugh at me, but I have to be honest and say that inflation isn't really something that I pay too much attention to. I obviously understand the concept and all, but I don't really pay too much attention to it. If we need something we buy it and the price is the price. I mean yeah, it sucks if the price goes up, but there isn't much we can do about it. I know that is probably a totally first world attitude about it or a privileged bias or something.
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You are a rarity. For most, they notice when prices go up but do not pay attention to prices going down. For example, people remark how much they are paying for gas right now. Did they comment how cheap gas was getting after the last run up in oil to $120? With that we heard crickets.
So people have the negativity bias. During the early 2000s, my cell phone plan was $90 a month for 1,500 texts and 500 peak minutes (unlimited off peak). For much of this decade I pay $40 which also includes internet (which was not available before the smartphone).
How many people have the same experience (I would say most in the US) yet how often do you see people commenting their cell phone plans are less than half what they were 15 years ago while giving them a lot more service, time, and capabilities?
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Yeah, that is a good point. Gas is probably the one people notice the most. I do pay attention when it is lower because I have a truck with a 37 gallon tank so the swings I get from filling it up can be pretty big depending on the price. I think we see a lot of unit bias in gas prices too. Right now it is that $3 mark. Then I think about how that $.20 difference really only amounts to a couple dollars. Again, that is probably my first world mind thinking a few dollars isn't much.
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True. There is the bias in that also.
We see it in all areas of technology. People only notice the increase instead of how things went down.
Do you think most people really pay attention to the fact they were dropping $15 per CD for music 25 years ago and now it is essentially free?
That is just an example of how things change.
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