Stagnant Wages: The Macroeconomic Paradox of Rising Service Costs

Over the last century, televisions, clothing, and computers have become exponentially cheaper to produce due to robotic automation and manufacturing efficiency. Yet, the cost of healthcare, education, and the performing arts has skyrocketed beyond all rational inflation rates. This terrifying economic divergence is known as Baumol's Cost Disease. Developed by economist William Baumol in the 1960...