Why education, healthcare and some other things cost ten times more than they used to and ten times more than elsewhere | NextBigFuture.com

Andrew Swift identifies the areas where people are willing to be scammed or are vulnerable.
What you observe is fifty years of optimization of wealth extraction. Price outcomes depend on the contributions of hundreds of participants. Every participant optimizes his/her earnings, exerting a constant upward pressure on price. Participants become ever more expert at getting rich. Wealth-extraction schemes (scams) are refined and optimized (in all markets), and price increases are pushed downstream (in markets where buyers can’t push back). Radical price increases reflect markets where consumers have reduced ability to push back:

– complex markets (can’t understand)
– opaque markets (can’t see)
– entrenched/highly-regulated markets (can’t modify)
– necessary-to-keep-living markets (can’t avoid)
– limited-quantity markets (really want)
– intermediated markets where the end buyer doesn’t decide how things are purchased (don’t choose)

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world, economic impact, economies, united states, education | NextBigFuture.com.