But they haven't become more expensive to make.
Likely this points more to something like the skyrocketing wealth disparity which means $1700 is no longer enough to spend on a veblen good.
Likely this points more to something like the skyrocketing wealth disparity which means $1700 is no longer enough to spend on a veblen good.
I would guess that, if it hasn't become more mechanised in that time, it's because their margins have grown large enough that there's not much incentive in doing so.
If the sales price increases faster than the costs, then the margins have grown. If the sales price increases slower than the costs, then the margins have shrunk.
But that’s precisely it. The standard of living hasn’t gone up. Only the nominal price of money.
I would expect that if I paid my watch $10M, either it's been made by a very limited number of artisans on a desk away from the production line, or they just trashily stop the line at random moments to fit my watch as a sign of my importance, but certainly not have paper pushers quickly slide my watch between 2 batches of plebeian $10000 Rolexes.