Seonglae Cho
When technology dramatically increases productivity in a specific industry, prices fall and quality improves. As a result, people consume much more, causing the overall industry size to actually grow larger.
The Jevons effect creates wealth, while the Baumol effect distributes that wealth throughout society.
Why AC is cheap, but AC repair is a luxury
The Baumol Effect and Jevons paradox are related
https://a16z.substack.com/p/why-ac-is-cheap-but-ac-repair-is
