According to Market Scope the typical cost for LASIK surgery in 2023 was $4,492. This is up slightly from the 1998 price of $4,360. Unskilled hourly compensation in 1998 was around $7.75 versus $16.15 today. This would indicate that the time price has fallen 51.6 percent from 562.6 hours in 1998 to 272.1 hours today. You get 2.07 eyes corrected today for the time it took to earn the money to buy one in 1998.
It would be interesting to see the numbers for medical services not typically covered by insurance (like Lasik) to see if they have become more abundant over time.
Reading this, really makes us optimistic about the future! The more people want something, innovation and mass manufacturing will reduce it's price over time!
I note that the sectors with the most government interference are the ones with the least improvement...
For TC Manning:
According to Market Scope the typical cost for LASIK surgery in 2023 was $4,492. This is up slightly from the 1998 price of $4,360. Unskilled hourly compensation in 1998 was around $7.75 versus $16.15 today. This would indicate that the time price has fallen 51.6 percent from 562.6 hours in 1998 to 272.1 hours today. You get 2.07 eyes corrected today for the time it took to earn the money to buy one in 1998.
It would be interesting to see the numbers for medical services not typically covered by insurance (like Lasik) to see if they have become more abundant over time.
See Figure 5.24 in Superabundance.
Sorry can’t paste an image here.
Good idea. Let me work on that chart.
Reading this, really makes us optimistic about the future! The more people want something, innovation and mass manufacturing will reduce it's price over time!