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August 31, 2007
The Wonders of Capitalism--New Car Edition
We just bought a Honda Odyssey for my better half. We paid about 4% more than we did for a similar vehicle 10 years ago. In real terms we paid about 20% less than we did a decade ago. Moreover, it ignores the fact that the Odyssey has lots of improvements (airbags all around not just in the front, a 6 CD changer, remote control sliding doors for letting Pee Wee in and out, and more) over our old car. Our good deal got me wondering about the new car price component of the CPI. According to the Economic Report of the President (Table B-61), the CPI for new cars fell from 141.7 in 1997 to 136.4 in December 2006. Posted by E. Frank Stephenson at 04:30 PM in Misc.
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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