But that's my point: living expenses are not dictated by the supply and demand curves of perfect markets, with perfect competition, perfect information and zero transaction costs. The real world doesn't work according to Econ 101.
As a result, what were supposed to be gains in production efficiency resulting in lower prices with higher supplies all-around have instead resulted in somewhat lower prices, but much higher economic rents.
We're partially seeing a capitalist crisis of overproduction, but we're also very much seeing a reversion to a feudal economy based on rent-extraction and financialized ownership of entire labor outputs.
As a result, what were supposed to be gains in production efficiency resulting in lower prices with higher supplies all-around have instead resulted in somewhat lower prices, but much higher economic rents.
We're partially seeing a capitalist crisis of overproduction, but we're also very much seeing a reversion to a feudal economy based on rent-extraction and financialized ownership of entire labor outputs.