The Miraculous Cell Phone

January 5, 2015

Far from crowding out discretionary spending, rapid technological growth and stable prices make cell phones an incredible deal for consumers. The ability of modern cell phones to serve as substitutes for consumer goods ranging from flashlights to personal computers and gaming systems, to say nothing of traditional land lines, and the proliferation of mobile technology falsely implies an uptick in consumer prices. However, only the staying success and tremendous value offered to consumers through cell phones earn them the demarcation of "basic goods" in the first place. Indeed, adjusting for inflation and market volume changes, the price of cell phones has stayed remarkably stable throughout the years.