Zach Du, Chapter 9, Question 6

The quote of the official at the Dallas Fed in this chapter caught my attention: "Making money takes time, so when we shop, we're really spending time. The real cost of living isn't measured in dollars and cents but in the hours and minutes we must work to live". Here's an example: each pair of stockings costs 25 cents in 1900, and the average salary is about 14.8 cents per hour; this means people have to work for 1hr 41min to afford a pair. In 2000, a pair of stocking costs 4 dollar which is way more expansive than that of 1900; but people's average salary grow to 13 dollar per hour, which means people can buy a pair of stocking every 18min (195). This example illustrates the idea that the hours and minutes we work to live are the real cost of living.