April 8, 2013
...AND CHEAPER...:
Technology, innovation and automation have lowered the cost of our food and improved the lives of all Americans (Mark J. Perry | April 7, 2013, AEI)
Over the last twenty years, the share of consumer spending on food has fallen from about 13% in 1982 to less than 9% last year, thanks to falling grocery prices that have resulted from advances in technology, more automation, and greater efficiencies in food production and delivery. For example, between 1982 and 2012, the inflation-adjusted prices of many common food items fell (see table below), and many of those declines in price have been significant, by as much as one-quarter or more in the case of chicken legs, pork chops, steak, bananas, lettuce and butter.
Posted by Orrin Judd at April 8, 2013 5:07 AM
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