"Reader Question: I'm confused because per research by Bill Bonner and Co., it takes nearly twice as long for the average worker in the US to buy an F-150 pickup truck as it did back in 1970. Have food and other commodities gotten cheaper while manufactured goods have gotten more expensive?"Gilder's Response: It may be a hopeless cause, but...I have to point out that manufactured goods (see the iPhone) have dropped in time-price far faster than food and other commodities since Tupy and Pooley's 1980 starting date for their time-price tables. I am not an expert on the Ford F-150 pickup truck, but judging by the general advance of vehicular technology, I suspect it is a new product today, with some 600 microchips, wireless connectivity, scores of new features, greater safety and durability, and close to two times the mileage per gallon."
"According to the National Auto Dealers Association NADA Guide, in 1970 you could buy a basic Ford F150 for $2,599. Blue-Collar compensation was $3.93 per hour, indicating a time price of 661.3 hours."A 2019 basic F150 is now $28,155 and blue-collar production worker compensation is around $32.50 an hour indicating a time price of 866.3 hours."This would indicate a time-price increase of around 30%."