Austan Goolsbee

Goods, there's productivity growth.

So the price of that stuff is coming down over time.

If you go to whatever, Target, Walmart, Costco, you look at the TVs, compared with TVs when you were a kid, it's insane.

You can get a 80-inch television for like 600 bucks.

Yeah, it weighs two pounds instead of 200 pounds.

And it weighs two pounds and it's flat.

I mean, it's incredible.

And then if you look at housing,

It's for the same thing.

When people look and they're like, hey, my grandpa, he with one income at a factory, no college degree, he bought this house and like, I can't afford a condo.

That's not wrong.

The relative price of housing

has been going up relative to goods, something like 5% per year for 25 years or more.

Okay, so look, you don't have to have a fancy MBAs from Wharton or Ross or anywhere to know that if you compound something 5% a year for 25, 30 years in a row,

You're going to have a very big relative price difference and we're living it.

If you want to buy physical goods,

They are historically cheap.

And if you want to buy housing, it is historically very expensive.

Yeah, no, I got a whole separate thing about productivity and construction.

And it's actually for the last 40 years, productivity in the construction industry has been negative, not even flat, literally negative.