Eight sectors. Two units. One picture. Sectoral price changes since
2015, measured in dollars and in Bitcoin.
Cumulative price change by sectorIn US dollars · since 2015
Stocks have outpaced housing. Wages have lagged everything. Technology
has fallen alone.
The Full Argument
Each sector tells a different story. Here's where they're developed.
Stocks
Asset prices have outpaced everything else. The K-shaped reality:
those who held assets did not experience the same economy as those
who earned wages.
Read Issue 25 →
Education
Tuition has tripled in inflation-adjusted terms since 1980. The
story isn't student loans — it's what happens when government prints
the money to buy the product.
Read Issue 17 →
Healthcare
The same pattern at a different scale. Third-party payment systems
and what happens when the patient never sees the bill.
Read Issue 18 →
Housing
Housing unaffordability is a monetary phenomenon, not a supply
problem. Who got cheap capital first, and what they bought with it.
Read Issue 15 →
Food
The most universally felt sector. What people eat, what they pay for
it, and what that says about how monetary policy reaches the kitchen
table. Read Issue 19 →
Wages
Median real wages have been roughly flat while assets have exploded.
The gap between what people earn and what they need to buy is the
lived experience of monetary debasement.
Read Issue 21 →
Technology
The lone deflator. Technology is inherently deflationary, and that
creates a problem for systems that depend on growth to function.
Read Issue 3 →
The Letter
Get the full arc, weekly.
A 210-issue Socratic letter on monetary dysfunction, the Cantillon
Effect, and what comes next.